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USD/JPY fails to resist above 109 amid risk-on

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bulls face exhaustion in the European session, now pushing USD/JPY back below 109 handle as focus now shifts towards the upcoming Fed speak for fresh cues on the Fed rate hike prospects.

    USD/JPY: Yen stalls corrective slide

    The offered tone around the Japanese yen weakened over the last hour, as safe-havens are seen back in demand as the European stocks appear to pare gains, despite strong gains in the oil prices. At the time of writing, USD/JPY eases to 108.77, still up +0.52% on the day, after having printed daily highs at 109.10 in the last hour.

    Amid a lack of relevant fundamental triggers for the pair, investors await fresh hints on the Fed rate hike outlook later on the day when New York President William Dudley is due to speak. In the meantime, markets continue to digest comments from Fed’s Yellen and George delivered earlier in Asia.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 109/109.10 (round number/ daily high/). A break above the last, the major could test 109.49/86 (daily R1/ Apr 7 High). While to the downside, the immediate support is seen at 108.58/50 (daily pivot/ psychological levels) and below that at 108 (multi-month lows).
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