USD/JPY muted post-US data, around 113.80

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY paid little-to-none attention to the release of US data today, keeping the trade around the 113.80 area.

    USD/JPY upside limited by 114.30

    The pair is navigating within a narrow range today, with upside so far capped around overnight peaks near 114.30, while sellers could not breach the 113.60 region for the time being.

    After an initial period of risk aversion, the global sentiment has leaned towards riskier assets following a positive performance from European equities, leaving spot almost unchanged at current levels.

    Data wise, US initial Claims have come in at 262K during last week, bettering estimates and taking the 4-week Average to 273K from 281K. Further data saw the Philly Fed Survey at -2.8 vs. -3.0 expected.

    USD/JPY levels to watch

    As of writing the pair is up 0.01% at 113.81 and a breakout of 114.89 (high Feb.16) would aim for 115.28 (high Feb.10) and then 116.66 (20-day sma). On the flip side, the next support is located at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
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