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USD/JPY dips further on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback is now losing altitude vs. JPY following US releases, sending USD/JPY further down to the 112.70 area.

    USD/JPY lower post-data

    The offered tone around USD has picked up pace after US releases have disappointed expectations today, with the Chicago PM index coming in at 47.6 and showing poor results from the employment and prices components.

    In addition, Pending Home Sales have contracted 2.5% from December to January, markedly lower than the 0.5% gain initially forecasted; on a YoY basis, home sales have expanded 1.4%.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.98% at 112.81 and a breakdown of 110.98 (low Feb.11) would expose 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014). On the flip side, the next up barrier aligns at 114.05 (20-day sma) followed by 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98).
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