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USD/JPY flat-lined below 117, awaits NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Having bottomed out near two-week lows, the USD/JPY pair continues its struggle to regain 117 handle and hovers in the upper band of 116 handle.

    USD/JPY finds strong resistance at 117 handle

    The major moved away from two-week lows near the mid-point of 116 handle and continues to oscillate back and forth in a 20-pips tight range, as markets refrain from creating fresh positions ahead of the crucial US employment report. At the time of writing, the major trades 0.10% higher at 116.88 levels.

    Further, the recovery in the major lacks follow-through as the yen remains underpinned on the back of falling oil prices and cautious tone prevalent on the European equities. Both crude benchmarks drop nearly -1% as broad USD recovery picks-up pace. Meanwhile, all eyes remain on the US NFP report for fresh momentum on the pair.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 117.00/20 (daily high/ daily pivot). A break above the last, the major could test 117.90/118 (daily R1/ round number). While to the downside, the immediate support is seen at 116.50 (Feb 4 Low) and below that at 116/115.96 (psychological levels/ Jan 20 Low).
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