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USD/JPY retakes 115.00, Yellen eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese currency is surrendering part of its strong initial gains vs. its American peer, now lifting USD/JPY back above the key 115.00 handle.

    USD/JPY attention to Yellen’s testimony

    After testing the area of yesterday’s lows around 114.40, the pair has managed to pick up pace and rebound beyond the 115.00 mark following a return of the risk-on sentiment to the markets.

    Traders have quickly shrugged off another slump in the Japanese Nikkei during overnight trading, giving the dollar some oxygen ahead of Yellen’s semi-annual testimony before Congress, expected later in the European evening.

    USD/JPY levels to watch

    As of writing the pair is gaining 0.10% at 115.14 with the next hurdle at 117.53 (high Feb.8) ahead of 117.87 (20-day sma) and then 119.78 (55-day sma). On the flip side, a breakdown of 114.24 (low Feb.8) would aim for 112.41 (monthly low Nov.2014) and finally 105.18 (monthly low Oct.2014).
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