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USD/JPY falls further after US services PMI, nears 2016 low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY came under renewed pressure at the beginning of the New York session, breaking through previous lows and accelerated lower following the release of below expectations US services PMI.

    US Markit services PMI fell to 49.8 in February, below the 53.5 expected and below the 50.0 threshold that indicates contraction in the sector. The Composite PMI also fell to 50.1 from 53.2 in January.

    USD/JPY pushed lower and printed a 2-week low of 111.30 in recent dealings. At time of writing, the pair is trading at 111.40, recording a 0.62% loss on the day.

    Earlier, USD/JPY failed to sustain above 112.00 and turned lower during the European session as the yen benefitted from the risk-off environment.

    USD/JPY technical levels

    In terms of technical levels, immediate supports are seen at 110.97 (2016 low Feb 11) and 110.00 (psychological level). On the upside, resistances on bounces are seen at 112.25 (Feb 24 high), 113.05 (Feb 23 high) and 113.37 (Feb 22 high).
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