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USD/JPY fighting hard to extend beyond 114

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY is currently seen making minor-recovery attempts from hourly 100-SMA and now struggles to extend beyond 114 handle amid ongoing comments from BOJ Chief Kuroda.

    USD/JPY looking for fresh incentives

    The dollar-yen pair is struggling to find a way and remains cautious amidst a string of headlines hitting the wires from the BOJ Chief Kuroda. Although the major managed to move-off lows and reverted to 114 handle over the last few hours. At the time of writing, USD/JPY hovers around 114 handle, down -0.10% on the day.

    The USD/JPY pair found fresh at hourly 100-SMA located at 113.80 and turned higher, as the Japanese stocks continue to extend higher, aiding the recovery in the major. Japan’s Nikkei rallies nearly 3% mainly driven by solid rebound posed by the black gold.

    The recovery appears fragile as the greenback remains broadly undermined following outrightly dovish and cautious FOMC minutes released last US session. Meanwhile, markets continue to digest the central banker’s comments, Bullard and Kuroda, ahead of the US macro updates due later in the NY session.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 114.22/32 (1h 200-SMA/ daily high). A break above the last, the major could test 114.72/89 (Feb 15 & 16 High). While to the downside, the immediate support is seen at 113.80 (1h 200-SMA/ daily low) and below that at 113.35 (Feb 17 Low).
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