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USD/JPY extends gains ahead of Fed speak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The US dollar stays on a front foot against Japanese Yen, pushing USD/JPY higher to 11.60 levels ahead of speeches from Fed’s Rosengren and Dudley.

    Weekly loss a done deal

    The pair is well on track to end the week lower, given it is currently trading more than 250 points lower than its weekly opening price. Yen turned out to be a major beneficiary of dollar selling this week, partly aided by Japanese fiscal year end repatriation flows as well.

    Earlier today, the pair clocked a low of 110.82 before BOJ intervention rumors set recovery in motion. The focus now is on US Michigan consumer sentiment release and Fed speak.

    USD/JPY Technical Levels

    The immediate hurdle is noted at 111.73 (Feb 23 low), above which the pair could target 112.22 (Mar 9 low). On the other hand, a breakdown of support at 111.00 would open doors for a re-test of 110.67 (previous day’s low).
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