USD/JPY: eyes the 1hr 200 SMA on the 118 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading back onto the 118 handle while bulls attempt another go at the 20 SMA on the hourly chart at 118.13 currently.

    The recovery remains in shape in a risk filtering through the cracks of an otherwise very risk averse market place. China has started to stabalise, but only with intervention and a surprise upside result in the trade balance for December, despite the poor manufacturing sector and weakness in the Yuan in respect of importers. The Yuan was another neutral fix for a fourth consecutive day that also added a bid to the major.

    USD/JPY levels

    Recoveries target last week's recovery high of 118.80, but it needs to break the 200 SMA on the hourly at 118.42 first. To the downside, should the mid point of the 117 handle five way, an accelerated shift below 116.69 recent lows opens scope for 114.00/113.95 zone that is the 23.6% retracement of the entire move up from the 2011 low ahead of the weekly cloud that lies at 113.52 on the wide.
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