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USD/JPY firmer, testing highs near 111.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback has gathered further traction vs. its Japanese counterpart on Monday, sending USD/JPY to the area of session peaks near 111.80.

    USD/JPY stronger ahead of Fedspeak

    The pair is advancing for the second session in a row today sustained by a continuation of the bid tone around the dollar. In spite of the leg higher, spot still remains in the lower band of the recent range near multi-month lows.

    Poor results from the US docket have passed largely unnoticed amongst traders, with the Chicago Fed index and Existing Home Sales both missing expectations. Later in the NA session, traders will remain vigilant on the speech by Atlanta Fed’s D.Lockhart, especially after the recent FOMC meeting.

    USD/JPY levels to watch

    As of writing the pair is up 0.26% at 111.68 and a break above 112.94 (20-day sma) would open the door to 114.58 (high Mar.2) and then 114.87 (38.2% Fibo of 121.70-110.65). On the other hand, the next immediate support aligns at 110.65 (low Mar.17) ahead of 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014).
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