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USD/JPY keeps the red around 112.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese Yen extends its gains vs. its American counterpart on Thursday, with USD/JPY currently navigating around the 112.30/20 area.

    USD/JPY attention to US calendar, Fedspeak

    Spot is retreating for the third consecutive session so far, finding decent support in the 112.00 neighbourhood amidst an offered greenback across the board, which continues to suffer the recent dovish tone from Yellen and month-end adjustments.

    Next on tap for the pair will be US Initial Claims, Challenger Job Cuts and Chicago PMI, all along speeches by FOMC members Evans, Dudley and Williams.

    Earlier in the session, BoJ’s H.Kuroda argued that there area no limits or obstacles to monetary policy.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.14% at 112.27 and a break below 110.65 (low Mar.17) would open the door to 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014). On the flip side, the initial up barrier is located at 112.81 (20-day sma) followed by 113.81 (high Mar.29) and then 114.58 (monthly high Mar.2).

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