USD/JPY consolidates near lows sub-114.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY has entered a consolidation phase over the last hours after the latest pullback was contained by the 113.60/65 area.

    The risk-off mode resumed on Tuesday, lifting the yen versus most peers and pressuring on USD/JPY. The pair retreated from a high of 114.86 and lost more than 120 pips to hit a low of 113.63, completely retracing previous day’s gains. At time of writing, USD/JPY is trading at 113.83, 0.64% below its opening price.

    On the data front, NY Empire state manufacturing index came in below expectations at -16.64 in February, while separated data showed NAHB housing index dipped to 58 vs 60 expected in the same period. However, data barely affected USD/JPY, which continued to trade in a range near daily lows.

    USD/JPY technical levels

    As for technical levels, next supports could be found at 113.25 (Feb 15 low), 111.65 (Feb 12 low) and 110.97 (Feb 11 low). On the other hand, resistances could be found at 115.05 (38.2% Fibo of 121.68-110.97), 115.25 (Feb 10) and 115.59 (10-day SMA).
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