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USD/JPY meets fresh supply near 113.50, eyes on 113

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The USD/JPY pair is currently seen receding a part of yesterday’s relief rally from near 1120.20 region and keeps the offers at Tokyo open amid positive Japanese equities.

    USD/JPY rejected just shy of 113.50

    The major ran through fresh sellers over the last hour as the Japanese traders hit their desks, with the cautious tone seeping backing into markets, despite a minor rebound seen in the Japanese stocks, as traders prefer to seek the safe-haven yen ahead of the Chinese CPI report . At the time of writing, USD/JPY drops to fresh session lows at 113.20, down -0.12% on the day, while Japan’s Nikkei rebo9unds +0.86% to 16,785 points.

    On Wednesday, the USD/JPY pair staged a solid 1 big figure recovery after markets sentiment improved somewhat after the US stocks traded with moderate gains amid a data-quiet US session. Looking ahead, focus remains on the Chinese inflation figures ahead of the ECB policy decision, which is likely to have major impact on the USD moves and hence, may influence USD/JPY.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 113.48/50 (Mar 9 high/ psychological levels). A break above the last, the major could test 114 (round number). While to the downside, the immediate support is seen at 112.89/84 (1h 20 & 50-SMA) and below that at 112.44/23 (Mar 8 & 9 Low).
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