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USD/JPY breaches 117.00 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/JPY has breached the 117.00 key support in the wake of US releases today, prolonging the leg lower from overnight tops near 118.20.

    USD/JPY around 117.00 ahead of Factory Orders

    The selling mood is not giving up around the dollar today, prompting spot to extend its weekly downside to the 117.00 neighbourhood after US Initial Claims have increased more than estimated during last week to 285K. Further data saw the Unit Labor Cost advancing 4.5% QoQ in Q4, bettering forecasts.

    Next on tap in the US docket will be December’s Factory Orders - with consensus expecting a 2.8% contraction - followed by the speech by Fed’s L.Mester.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.68% at 116.90 with the immediate support at 115.96 (low Jan.20) followed by 115.82 (low Jan.16 2015) and finally 115.56 (low Dec.16 2014). On the other hand, a breakout of 118.28 (20-day sma) would aim for 118.91 (38.2% Fibo of 123.67-115.96) and then 120.30 (55-day sma).

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