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USD/JPY in a narrow range near 111.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Japanese Yen keeps the firm note vs. its American counterpart on Tuesday, now sending USD/JPY to the area of 111.70/60.

    USD/JPY bounces off 111.40

    The pair briefly tested the 111.40 area following a bout of risk aversion soon after the Brussels attacks early in the European morning, coming down from overnight peaks in the 112.20 area.

    In the meantime, spot is losing ground after two consecutive advances and has turned it focus back on recent multi-month lows in the 110.60 region, all despite today’s firm footing of the greenback.

    USD/JPY levels to watch

    As of writing the pair is down 0.27% at 111.63 and a break below 110.65 (low Mar.17) would expose 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014). On the other hand, the next resistance aligns at 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).
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