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USD/JPY off highs, back to 113.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback is surrendering part of the initial gains vs. the Japanese currency, dragging USD/JPY back to the mid-113.00s.

    USD/JPY gains capped near 113.70

    The pair keeps its buoyant tone today, navigating 2-week highs in the 113.50/70 area and extending its bounce off recent fresh 2016 lows in the 110.65/60 area. Widening rate differentials and last week’s USD-supportive comments by FOMC members have given extra legs to the greenback, sustaining the up move.

    Next on tap for the pair will be today’s US Pending Home Sales, Goods Trade Balance and PCE, while Retail Sales, Jobs Applications and Household Spending will take centre stage in Japan on Tuesday.

    USD/JPY levels to watch

    As of writing the pair is up 0.31% at 113.47 and a break above 114.87 (55-day sma) would aim for 116.17 (50% Fibo of 121.70-110.65) and then 117.83 (100-day sma). On the other hand, the next immediate support aligns at 110.65 (low Mar.17) ahead of 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014).
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