USD/JPY: recovers from lows, guarding critical support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY is running into strong support and found demand at the recent lows of 111.03 when the major rallied to penetrate the 20 sma on the hourly sticks and the 55 sma in recent trade.

    USD/JPY was suffering on the back of poor market sentiment, favoring the safer havens such as the Yen. Poor US data did not weigh on the unit for too long in the US shift while Fed speaker Kaplan said that the US will not enter a US recessions this year. The US stocks also managed to erases losses into the close and USD/JPY was making a comeback into early Asia.

    USD/JPY levels

    Technically, USD/JPY is enroute for the 20 sma on the 4hr sticks (pivot) and a break there opens R1 at 112.82, R2 at 113.59 above the 50 sma on the same 4hr time frame at 113.18, R3 at 114.12, below the 100 sma on the 4hr sticks at 114.34. To the downside, 110.97 is the 2016 low guarding 110.00 and late August 2014 highs.
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