USD/JPY challenges the 113.00 key support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Japanese currency remains on a firm note on Tuesday, with USD/JPY coming down to test the key support at 113.00.

    USD/JPY attention to US data

    The demand for the safe haven JPY has been picking up pace in spite of the steady stance by the BoJ at its meeting early in the Asian session, somewhat offsetting a continuation of the bid tone surrounding the greenback.

    USD will remain under scrutiny later in the NA session in light of the release of February’s Retail Sales (-0.2% MoM exp.) followed by the NAHB index and the regional manufacturing gauge tracked by the NY Empire State index.

    USD/JPY levels to watch

    As of writing the pair is losing 0.64% at 113.04 and a breakdown of 112.14 (low Mar.1) would aim for 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014). On the other hand, the next up barrier lines up at 114.56 (high Mar.3) ahead of 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98).
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