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USD/JPY extends recovery above 114, USD picks-up pace

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 ongoing recovery in the USD/JPY pair found fresh legs over the last, pushing the prices back above 114 handle.

    USD/JPY regains 114 handle

    A renewed bout of buying interest was witnessed in the USD/JPY pair and can be attributed to the pick-up in demand for the greenback as traders continue to cheer the upbeat US ADP data and prefer to hold the US currency. At the time of writing, USD/JPY hovers close to fresh session highs of 114.13, recording a 0.55% gain on the day.

    In addition, the extension of the gains on the Asian stocks also adds to the positive sentiment around the dollar-yen pair. Meanwhile, the comments from the BOJ officials, Kuroda and Nakaso, had little impact on the major, as the persisting risk-on wave continues to drive the prices.

    Next on tap for USD/JPY remains the US economic data, including the jobless claims, factory orders and ISM non-manufacturing PMI index.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 114.31/58 (daily R1/ Mar 2 High). A break above the last, the major could test 115 (round number). While to the downside, the immediate support is seen at 113.38/30 (1h 100-SMA/ daily low) and below that at 113.10 (10-DMA).
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