USD/JPY recovery falters once again near 112.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/JPY pair is seen wavering back and forth in a narrow range, struggling with the recovery from just ahead of 112 handle.

    USD/JPY awaits US jobs data

    The dollar-yen pair keeps the offered tone intact in early Europe as markets remain cautious amid sliding global equities, while a subdued US dollar against a basket of six currencies ahead of the US jobs release also dampens the sentiment around the major. At the time of writing, USD/JPY fades a spike to 112.37 and now trades at 112.20, down -0.34% on the day, while the Nikkei closed down -3.55% to 16,164 points.

    Markets now await the European open for fresh take on the overall market sentiment and hence, its impact on the yen moves. While the spotlight remains on the US non-farm payrolls data.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 112.66/72 (Mar 31 High/ 1h 200-SMA). A break above the last, the major could test 113.00 (round number). While to the downside, the immediate support is seen at 112.02/00 (Mar 30 Low) and below that at 111.36/20 (Mar 22 & 21 Low).
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