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USD/JPY drops below 114.00 as European stocks falter

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The JPY demand made a comeback in Europe on account of moderate risk-off in European stocks and pushed the USD/JPY spot back below 114.00 levels.

    Nears hourly 50-MA

    The pair now trading within a touching distance from the hourly 50-MA located at 113.80 levels. The pair turned lower from the high of 114.27 after European equity index futures signalled nervous start to trading.

    The pair trimmed gains further as the pan-European Euro Stoxx 50 index suffered 0.35% drop. However, the pair is still 0.38% higher on the day. Ahead of the US data release, the pair remains at the mercy of the oil price gyrations and its impact on the equity markets.

    USD/JPY Technical Levels

    The immediate resistance is seen at 114.48 (June high-Feb low), followed by a barrier at 114.87 (Feb 16 high). A break higher would expose 115.97 (Jan 20 low). On the other hand, a break below 113.80 (hourly 50-MA) could see the spot test 5-DMA at 113.58, which is followed by a major support at 113.05 (10-DMA).
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