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USD/JPY comes down to test 113.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Japanese Yen is now trading on a firmer note vs. its American counterpart, dragging USD/JPY to challenge the critical support at 113.00 the figure.

    USD/JPY upside limited near 113.30

    The pair is giving away part of its initial gains albeit it manages to retain the positive territory today. On the bright side, spot has reverted last week’s retracement to fresh multi-month lows in the 110.60 area, regaining the upside momentum bolstered by a firmer greenback.

    Data wise, Japanese inflation figures tracked by the National Core CPI has come in flat on a year to February, missing forecasts for a 0.1% advance. In the US, Q4 GDP figures are due later, with consensus expecting an annualized expansion of 1.0%.

    USD/JPY levels to watch

    As of writing the pair is up 0.10% at 113.01 and a break above 114.58 (high Mar.2) would open the door to 114.86 (38.2% Fibo of 121.70-110.65) and finally 115.02 (55-day sma). On the other hand, the next immediate support aligns at 110.65 (low Mar.17) ahead of 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014).
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