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USD/JPY hovers near weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY has steadied around 112.50 on Wednesday after hitting fresh weekly lows during the European session as financial markets exhibit an overall cautious tone, leaning to risk-on.

    USD/JPY bottomed out at 112.22 but managed to trim intraday losses and climbed to the 112.55 area in recent dealings. At time of writing, the pair is trading at 112.50, a few pips below its opening price.

    Despite better risk sentiment, USD/JPY remains on the defensive, falling for a third day in a row while investors await the BoJ and the Fed decision next week.

    USD/JPY levels to watch

    As for technical levels, next supports are seen at 112.15 (Mar 1 low) and 111.88 (Feb 25 low) ahead of 110.97 (2016 low, Feb 11). On the other hand, resistances could be found at 113.50 (Mar 8 high), 114.54 (Mar 2 high) and 115.05 (38.2& Fibo retracement of 121.68-110.97).
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