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USD/JPY: Off lows, but weakest since Nov 2014

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/JPY pair recovered from the daily low of 114.21, but remains below 115.00 levels; it’s weakest since Nov 2014.

    Hovers around 114.80

    The spot currently trades around 114.80 levels; down 0.91% on the day. Earlier today, the risk-off trading gathered pace with Nikkei falling sharply, while the Japanese 10-yr bonds hitting the negative territory. The Yen strengthened as well, pushing the pair down to 114.21 levels.

    The minor recovery seen now appears largely chart driven and could be met with fresh offers if the European stock markets extend the risk-off seen on Monday.

    USD/JPY Technical Levels

    The immediate resistance is seen at 115.00 handle, above which the pair could rise to 115.97 (Jan 20 low). A break higher would expose 116.47 (Jan 21 low). On the other hand, a break below 114.21 (daily low) could see the pair test 114.00 handle, under which a major support is seen directly at 111.55 (161.8% fib exp of May 2015 high-Aug 2015 low-Nov 2015 high).
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