USD/JPY regains 111.00 and beyond on USD buying

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback remains on a firmer footing vs. the Japanese currency today, lifting USD/JPY above the 111.00 barrier.

    USD/JPY bounces off 110.60

    Spot is gathering further traction after bottoming out in the area of 110.70/65 on Thursday, levels last seen in late October 2014, backed by a renewed buying interest surrounding the greenback.

    Nothing in terms of data releases in Japan, although market participants remain vigilant on the BoJ following recent rumours of intervention to counteract JPY strength. On the US calendar, the Reuters/Michigan index is due followed by speeches by FOMC’s Rosengren and Bullard.

    USD/JPY levels to watch

    As of writing the pair is losing 0.07% at 111.31 and a break below 110.65 (low Mar.17) would open the door to 105.18 (monthly low Oct.2014) and finally 101.94 (monthly low Jan.31 2014). On the flip side, the next up barrier lines up at 113.03 (high Mar.3) ahead of 113.25 (23.6% Fibo of 121.70-110.65) and then 114.89 (high Feb.16).
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