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USD/JPY keeps lows near 112.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The Japanese currency keeps the daily gains vs. its American counterpart on Tuesday, with USD/JPY gyrating around the 112.00 handle.

    USD/JPY lower on risk-off, BoJ

    The safe haven JPY is trading on a firmer note today as yesterday’s strong risk-on sentiment seems to have run out of steam in today’s session. In addition, Governor H.Kuroda’s concerns over the ability of the current QQE programme to spur domestic inflation figures have give extra support to the demand for the Yen.

    In terms of data, the greenback will take centre stage later, as Existing Home Sales, the S&P/Case-Shiller index and Consumer Confidence are all due in the NA session.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.68% at 112.15 with the next support at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014). On the slip side, a breakout of 114.89 (high Feb.16) would aim for 115.28 (high Feb.10) and then 115.41 (20-day sma).
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