USD/JPY lower, breaks below 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
    Likes Received:
    The Japanese currency is trading on a firmer footing vs. the dollar, relegating USD/JPY to trade in sub-112.00 levels.

    USD/JPY in 2-week lows

    Renewed sentiment around the risk aversion has given extra oxygen to the Japanese safe haven today, prompting spot to visit the area of 111.90 for the first time in the last two weeks.

    Absent releases in Japan, the US docket will come to the fore today, with the S&P/Case-Shiller index, Existing Home Sales and Consumer Confidence all due later in the NA session.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.84% at 111.88 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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