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USD/JPY off highs but clings to 113.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY pulled back from session highs although it remains up for the day as the US dollar trades firmer against most peers amid supportive US data.

    USD/JPY reached a daily high of 113.37 before the American session but failed to extend beyond that level and turned south, trimming gains over the last hours. However, the downside has been contained by the 20-hour SMA around 112.90. At time of writing, USD/JPY is trading at 113.00 still up 0.41% on Monday.

    On the data front, the Chicago National Activity Index came in at 0.28 in January vs -0.34 the previous month, while Markit’s flash manufacturing PMI dropped to 51 in February versus 52.3 expected, tempering somewhat the upbeat mood around USD.

    USD/JPY levels to watch

    As for technical levels, next supports are seen at 112.29 (Feb 19 low), 111.65 (Feb 12 low) and 110.97 (2016 low, Feb 11). On the upside, immediate resistances line up at 113.37 (Feb 19 & 22 highs), 113.50 (23.6% Fibo retracement of 121.68-110.97) and 114.30 (Feb 18 high).
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