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USD/JPY fades the spike, back to 117.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback has surrendered part of its daily gains vs. the Japanese currency, with USD/JPY now returning to the 117.15/10 band.

    USD/JPY focus on US data, Yellen

    The initial risk appetite sentiment has weighed on JPY, allowing spot to test session highs in the mid-117.00s as Asian markets were adjusting to Friday’s Payrolls numbers.

    A solid daily advance of the Japanese Nikkei 225 (+1.1%) has also collaborated with the offered tone around the yen and is helping at the same time to extend the rebound from last week’s troughs near 116.40.

    Data wise in Japan, Eco Watchers Survey come in mixed for the month of January, while the Fed’s Labor Market Conditions Index is due later in the US economy.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.15% at 117.15 and a breakout of 117.78 (23.6% Fibo of 123.67-115.96 118.28) would target 118.16 (20-day sma) en route to 118.91 (38.2% Fibo of 123.67-115.96). On the other hand, the immediate support aligns at 116.50 (low Feb.4) followed by 115.96 (low Jan.20) and then 115.82 (low Jan.16 2015).
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