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USD/JPY: Recovery picks-up pace, nears 114

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/JPY pair found good support near 113.25 region and swung back higher, in response to the renewed rally seen in the Chinese equities.

    USD/JPY takes-out support-turned resistance 20-DMA at 113.50

    The late rally witnessed in the Chinese indices boosted the overall market sentiment and revived appetite, diminishing the bids for the safe-haven yen. Thus, the USD/JPY pair took-off swiftly from 113.25 lows in a bid to conquer 114 handle. At the time of writing, USD/JPY trades near session highs of 113.89.30, up 0.13% on the day, while the Shanghai Composite bounces 0.63%, CSI 300 rises +1.34% and Nikkei 225 finished up 0.32%.

    Amid a lack of economic news for the major in the European session, markets will continue to digest comments from the BOJ Chief Kuroda ahead of the crucial NFP data from the US, which will provide fresh hints on the Fed interest rates outlook.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 114 (round number). A break above the last, the major could test 114.28/58 (Mar 3 & 2 High). While to the downside, the immediate support is seen at 113.14/113 (10-DMA/ round number) and below that at 112.75 (daily S2).
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