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USD/JPY eyes 112.00 on US releases, BoJ?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Japanese Yen is now giving away some gains vs. the greenback, taking USD/JPY back to the proximity of the 112.00 handle.

    USD/JPY bounces off lows post-US data, BoJ rumours

    After a test of fresh 2016 lows in near 110.70, the pair has staged a strong rebound following auspicious results from the US docket, where Initial Claims rose to 265K during last week and the Philly Fed manufacturing survey has come in at 12.4, both prints bettering expectations.

    Apart from the results in US releases, the abrupt change of direction in the pair seems to have been fuelled by rumours of intervention by the BoJ after JPY clinched fresh YTD highs vs. USD.

    USD/JPY levels to watch

    As of writing the pair is losing 0.68% at 111.78 facing the immediate support at 110.67 (2016 low Mar.17) followed by 105.18 (monthly low Oct. 2014) and then 104.03 (monthly low Sep. 2014). On the flip side, a surpass of 113.12 (20-day sma) would open the door to 114.58 (high Mar.2) and finally 115.73 (55-day sma).
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