USD/JPY moving in ranges on stocks and oil

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY is currently riding along lower levels of demand, while markets are in risk off mode, despite a better risk mood last week.

    The dollar was sold off on the back of a lower earnings competent behind the solid headline number in the nonfarm payrolls report, but the yen is better bid while US open in stocks and the open in European bourses have been soft today. However, there has been a comeback on Wall Street and USD/JPY has been supported at 113.40 as oil stablises as well.

    WTI advances further, surpasses $37.00

    USD/JPY levels

    USD/JPY has been as low as 113.15 post NFP's before it was able to recover through the 114 handle to meet 114.24 highs. The volatility post the number pushed the bulls back below the cluster of 1hr ma's below the 20 sma on the hourly chart at 113.67 with the market (below pivot of 113.78 and at the 20 dma of 113.39) above key support currently at the 200 sma on the same time frame of 113.22, gaurding S3 at 112.97.
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