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USD/JPY rejected from 114.50, reverses gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY failed to sustain intraday gains and turned south during the American session as ADP-inspired gains proved to be short-lived.

    USD/JPY peaked at 114.54 as the knee-jerk reaction to employment data, but it has been moving lower ever since. The pair fell back below 114.00 and posted a fresh daily low of 113.62 in recent dealings. At time of writing, USD/JPY is trading at 113.65, now 0.28% below its opening price.

    USD/JPY levels to watch

    In terms of technical levels, immediate supports could be found at 113.29 (100-hour SMA), 113.00 (psychological level) and 112.15 (Mar 1 low) ahead of key 111.03/110.97 (Feb 24 low/2016 low Feb 11). On the flip side, resistances are seen at 114.54 (Mar 2 high, 114.86 (Feb 16 high), 115.05 (38.2% Fibo of 121.68/110.97 decline) and 115.84 (Feb 9 high).
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