USD/JPY climbs above 114.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY managed to recover ground and climbed back above the 114.00 level on Monday, as risk sentiment improved and the yen weakened broadly.

    The dollar has continued to move off 15-month lows sub-111.00 scored last week and reached a 5-day high of 114.14 in recent dealings. Japanese flash Q4 GDP showed contraction (-0.4% QoQ and -1.4% annualized) increasing expectations of further stimulus by the Bank of Japan and weighing on the yen.

    With the US closed for President Day, trading is expected to remain subdued with liquidity below average.

    USD/JPY technical levels

    At time of writing, the pair is trading at 114.10, 0.64% above its opening price. As for technical levels, next resistances are seen 115.05 (38.2% Fibo of 121.68-110.97), 115.25 (Feb 10) and 115.55 (10-day SMA). On the flip side, supports could be found at 111.65 (Feb 12 low), 110.97 (Feb 11 low) and 110.00 (psychological level).
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