USD/JPY clings to gains near 113.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback keeps the buoyant tone vs. the Japanese currency on Thursday, with USD/JPY hovering over the mid-113.00s.

    USD/JPY gains capped near 113.80

    The pair is advancing for the second straight session today, although it remains well within the consolidative pattern between recent lows at 111.00 and the boundaries of the 115.00 handle.

    JPY has given away initial gains following upbeat results from Q4 GDP in the Japanese economy early in the week, although a recent resurgence of the risk-on trade has plotted against further advances.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.15% at 113.57 and a breakout of 114.56 (high Mar.3) would aim for 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98). On the other hand, the next support lines up at 112.14 (low Mar.1) followed by 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014).
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