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USD/JPY catches fresh bid, 114 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A fresh bout of buying interest propped up around the USD in the last hour, driving USD/JPY closer towards 114 levels.

    USD/JPY takes support near hourly 200-SMA at 113.43

    The bid tone surrounding the major keeps growing bigger heading towards the European open, as the US dollar attempts recovery once again versus its major after the recent ECB induces sharp decline. At the time of writing, USD/JPY jumps 0.46% and tests fresh session highs reached at 117.75 last minutes.

    Further, positive close on the Asian markets combined with the European indices futures rally, helps keep the sentiment lifted across the financial markets and therefore, benefits the risk currency US dollar at the expense of the safer bet yen.

    Meanwhile, amid a lack of fresh economic news until the NY session, the major will continue to track the sentiment around stock and oil markets. The US docket offers the only data in import prices index. While the upcoming Chinese dataflow this weekend will be also closely eyed.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 113.99/114 (daily R1/ psychological levels). A break above the last, the major could test 114.45 (Mar 10 High). While to the downside, the immediate support is seen at 112.80/79 (daily low) and below that at 112.44/23 (Mar 8 & 9 Low).
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