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USD/JPY pops as European equities rally

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The offered tone around JPY gathered pace, pushing the USD/JPY pair to 112.80 as the stock markets across Europe advanced on last trading day of the week.

    Relief rally ahead of weekend

    As of now, the uptick in the European stocks and USD/JPY appear largely chart driven. The bears may be unwinding shorts ahead of the weekend and may make a comeback next week when Chinese traders return to the markets.

    Ahead in the day, the pair could be influenced by the US advance retail sales report. The pair currently trades around 112.50 levels, while the Stoxx 50 has trimmed gains to trade 0.7% higher.

    USD/JPY Technical Levels

    The immediate resistance is seen at 113.00 (hourly 50-MA), which if taken out shall open doors for a rally to 114.19 (hourly 100-MA). On the other hand, a break below 112.00 could see the spot re-test the daily low of 111.67.
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