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USD/JPY: Bulls attack hourly 200-MA, nears 115.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The JPY continued its depreciating trend for the third consecutive session, taking the USD/JPY pair higher to its hourly 200-MA located at 114.86 levels.

    Flight to risk assets weighs over JPY

    Sharp rally in oil and stimulus hopes pushed the equities higher across Asia for the second day. Even the mainland Chinese shares advanced today, despite weaker trade data released on Monday. Consequently, traditional safe havens like JPY and Gold took a hit.

    A light economic calendar in the US means the JPY traders could remain focused on equity market moves later in the day.

    USD/JPY Technical Levels

    The immediate resistance is seen at 115.06 (10-DMA), above which the spot could target 115.97 (Jan 20 low). A break higher would expose 116.69 (Jan 11 low). On the other hand, a break below 114.62 (hourly 10-MA) would open doors for a support at 114.00. A break lower would expose 113.42 (hourly 100-MA).
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