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USD/JPY recovery extends to 112.80

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 greenback is picking up further pace vs. its Japanese peer on Friday, lifting USD/JPY to the area of 112.80.

    USD/JPY stronger on USD-buying, BoJ?

    Spot remains on the upside after an ephemeral test of multi-month troughs just below the 111.00 handle on Thursday, with the likeliness of the BoJ stepping in to avoid further JPY appreciation (according to market rumours).

    In the meantime, USD remains firm when gauged by the US Dollar Index, looking to regain the 97.00 mark ahead of US Retail Sales (0.1% exp.) and the Reuters/Michigan index (92.0 exp.).

    USD/JPY levels to watch

    As of writing the pair is advancing 0.41% at 112.80 facing the next hurdle at 113.59 (high Feb.11) ahead of 115.28 (high Fe.10) and finally 117.29 (20-day sma). On the downside, a break below 110.98 (low Feb.11) would target 105.88 (200-m sma) en route to 105.18 (monthly low Oct.2014).
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