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USD/JPY clings to 113.00, still headed for a weekly loss

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY managed to move a tad higher on Friday but only trimmed a slim part of this week’s losses and remains on track to post it second weekly loss in a row.

    USD/JPY was supported by better-than-expected US retail sales data and reached a daily high of 113.15 during the New York session before momentum faded. Having spent the last hours in a slim range near highs, USD/JPY was last trading at 113.10, recording a 0.63% gain on Friday.

    The day before, USD/JPY posted a 15-month low of 110.97 from where it was strongly rejected, raising speculations the BoJ might had intervened to curb yen’s strength.

    USD/JPY levels to watch

    As for technical levels, next resistances are seen 113.58 (Feb 11 high), 113.81 (100-hour SMA) and 114.00 (psychological level). 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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