USD/JPY keeps gains ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY backed off slightly from the daily high of 113.69, but stays on the front foot around 113.50 ahead of the key data releases – personal spending and income, new home sales and regional manufacturing index - in the US.

    Eyes personal spending number

    Personal spending figure would provide an insight into whether consumption; which forms a major part of the economy; held up well in February. The data comes after an upward revision of the Q4 GDP release on Friday that showed strong personal consumption expenditure.

    Apart from the data releases, JPY traders would also keep an eye on the sentiment in the Us equity markets.

    USD/JPY Technical Levels

    The immediate hurdle is seen at 113.78 (rising trend line level), above which the pair could target 114.00 and 114.66 (50-DMA). On the other hand, a breakdown of immediate support at 113.06 (hourly 50-MA) would expose 112.70 (hourly 100-MA) and 112.32 (hourly 200-MA).
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