USD/JPY moves off lows, but upside limited

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY managed to recover some ground at the beginning of the American session and trimmed intraday losses as risk sentiment improved over the last hours.

    After hitting a daily low of 112.75, USD/JPY bounced but the upside remained capped by the 113.25 zone, leaving the pair confined to a slim range. At time of writing, the pair is trading at 113.10, still down % on the day.

    There is no first-tier data scheduled for the rest of the session, with US will release Chicago PMI for February and pending home sales on tap.

    USD/JPY levels to consider

    In terms of technical levels, immediate resistances are seen at 113.25 (Feb 29 high), 113.37 (Feb 22 high) and 113.98/114.00 (Feb 26 high/psychological level). On the flip side, supports could be found at 112.75 (Feb 29 low), 111.03/110.97 (Feb 24 low/2016 low Feb 11) and 110.00 (psychological level).
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