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USD/JPY challenges 119.00 support area

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY slid to fresh daily lows in the 119 area following the release of US ADP employment report and dovish comments from Fed’s Dudley. The yen had already been outperforming, underpinned by the risk-off environment.

    USD/JPY fell to a fresh low of 119.03 at the beginning of the New York session, but the yen lacked momentum to drag the pair below the psychological mark. At time of writing, USD/JPY is trading at 119.28, still 0.37% below its opening price.

    On the data front, ADP employment report showed US private sector added 205K new jobs in January, beating expectations of 195K, while, December’s reading was upwardly revised to 267K from 257K previously estimated.

    USD/JPY technical levels


    As for technical levels, next supports are seen at 119.03/00 (Feb 2 low/psychological level), 118.47 (Jan 29 low), 118.34 (20-day SMA) and 118.03/00 (Jan 27 low/psychological level). On the other hand, immediate resistances could be faced at 120.26 (50-day SMA), 120.60 (100-day SMA), 121.03 (Feb 2 high) and 121.47 (200-day SMA).
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