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USD/JPY pops, takes out hourly 100-MA hurdle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The offered tone around JPY gathered pace in Europe, pushing USD/JPY well above its hourly 100-MA level of 113.50 levels.

    JPY offered as stocks rise, investors await Fed

    European stock markets advanced in early trading, thereby pushing funding currencies lower. Furthermore, a third straight weaker daily fix of Yuan and the resulting drop in the offshore Yuan to one-week low is also keeping Yen and other Asian currencies under pressure.

    Investors also anticipate Fed to come out hawkish; hence USD is on the front foot. The spot hit a session high of 113.76, but now trades around 113.68 levels.

    USD/JPY Technical Levels

    The immediate support is seen at 113.50 (hourly 100-MA), under which losses could be extended to 113.38 (hourly 200-MA). A violation there would expose support at 113.00 (psychological level). On the other hand, a breach of immediate hurdle at 114.00 (Monday’s high) would expose resistance at 114.48 (23.6% of 125.86-110.97) and 115.51 (50-DMA).

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