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USD/JPY dips to lows near 113.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese yen is gathering further pace following the European open on Monday, with USD/JPY falling towards the 113.60 area, or daily lows.

    USD/JPY attention to the BoJ

    The pair is coming down after being rejected once again from the 114.00 neighbourhood, with all the attention shifting to the BoJ monetary policy meeting due tomorrow and the FOMC gathering on Wednesday.

    Market consensus expects the BoJ to refrain from announcing further easing measures at this time, although market participants will remain vigilant on Kuroda’s words, specially after the (no) reaction of JPY following the last announcements.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.23% at 113.54 facing the next support at 112.14 (low Mar.1) followed by 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014). On the other hand, a break above 114.58 (high Mar.2) would aim for 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98).
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