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USD/JPY finds support at hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The minor sell-off in the USD/JPY pair couple of hours ago ran into bids around the hourly 50-MA then located at 118.95 levels.

    Uptick stocks capped losses

    The safe haven demand for the Yen took a backseat after the European stocks extended Thursday’s rally. The pan-European Euro Stoxx index advanced more than 0.5%, ensuring the USD/JPY pair recovered to trade around 119.10 levels.

    Heading into the weekend, the profit taking on USD shorts could keep the pair above 119.00. The US consumer confidence and industrial production figures could affect the pair.

    USD/JPY Technical Levels

    The immediate resistance is located at 119.4 (hourly 100-MA), above which the pair could target 119.75 (hourly 200-MA) and 120.00 levels. On the other side, support is seen at 118.94 (hourly 50-MA) and 118.63 (Oct 14 low).
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