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USD/JPY deflates from highs, near 112.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback keeps its march north alive on Wednesday, with USD/JPY now easing some pips towards 112.60 after climbing to the vicinity of 112.80.

    USD/JPY up on USD-buying

    Spot has tested the 112.80 area in early trade, albeit it has lost some upside momentum soon after. Anyway, the bid tone around the greenback remains unabated and thus propping up the so far 4-day positive streak.

    Next on tap on the Japanese data front, key February’s inflation figures are due on Friday, while today’s New Home Sales and the EIA’s report are due in the US calendar.

    USD/JPY levels to watch

    As of writing the pair is up 0.24% at 112.65 and a break above 113.02 (20-day sma) would open the door to 114.58 (high Mar.2) and then 114.87 (38.2% Fibo of 121.70-110.65). 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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