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USD/JPY jumps and approaches 114.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY received a boost and rallied to fresh daily highs following upbeat US construction spending report and upbeat ISM manufacturing data.

    The dollar strengthened on the back of strong data which coupled with position adjustment sent USD/JPY to a high of 113.81 in recent dealings. At time of writing, the pair was trading at 113.72, recording a 0.94% gain on Tuesday.

    On the data front, ISM Manufacturing index rose to 49.5, beating slightly expectations of 48.5 in February. Meanwhile, construction spending gre 1.5% in January, above the 0.4% increase expected.

    USD/JPY levels to consider

    In terms of technical levels, immediate resistances are seen at 113.98/114.00 (Feb 26 high/psychological level), 114.86 (feb 16 high) and 115.05 (23.6% Fibo of 121.68/110.97 decline. On the flip side, supports could be found at 112.15 (Mar 1 low), 111.03/110.97 (Feb 24 low/2016 low Feb 11) and 110.00 (psychological level).
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