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USD/JPY drops further, 112.00 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is rapidly depreciating vs. its Japanese counterpart on Wednesday, now relegating USD/JPY to test the proximity of the 112.00 key support.

    USD/JPY weaker ahead of ADP

    USD is still under the effects of yesterday’s dovish speech by Chief Yellen at The Economic Club of New York, forcing the pair to retreat for the third session in a row and to trim further last week’s advance to the boundaries of 114.00 the figure.

    Spot remains on its way to challenge the critical support at 112.00 ahead of the ADP report due later in the day. Consensus expects the US private sector to have created nearly 200K jobs during March, extending the buoyant performance of the labour market.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.57% at 112.06 and a break below 110.65 (low Mar.17) would open the door to 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014). On the flip side, the initial up barrier is located at 113.81 (high Mar.29) ahead of 114.75 (55-day sma) and then 116.17 (50% Fibo of 121.70-110.65).
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