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USD/JPY: downside pressures continue, target 111.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY was sold-off in the open of Tokyo to a low of 112.25 and is recovering back into the 30's at time of writing.

    By the end of the U.S. session, USD/JPY had started to deteriorate below the midway point of the 112 handle having dropped below the 200 sma on the 1 hr sticks at 112.56 vs highs of 112.60, setting up a potentially bearish follow through for the early Asian shift.

    However, we might be moving towards phase of consolidation given the profit taking that was done earlier, between 112.00 and 122.66 as market digest the current Yellen induced, negative dollar environment vs the positive ADP numbers that were supportive of the greenback until 112.67 supply.

    Evans overtly dovish, but offered optimism - Westpac

    Overnight, Evans came forward in the US session, speaking to CNBC first and then addressing delegates of the Forecasters Club in NY which aided the dollar to start making signs of a recovery.

    USD/JPY levels

    USD/JPY is back below the 20 ma at 112.80, and popped the 10 dma at 112.41 to make a fresh low of 112.25 for the Asian session revealing the 112.00 level for the session ahead. 111.00 will be the next big level tot he downside. On the upside, the pivot is located at 113.04, but 113.20 needs to be broken and closed upon to alleviate immediate downside pressures.
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