USD/JPY retreats from 113.00, back to 112.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback extends its upside momentum vs. the Japanese currency today, now lifting USD/JPY to the boundaries of the 113.00 handle.

    USD/JPY attention to the US data, Japan CPI

    The USD rally remains intact during the second half of the week, prompting spot to advance for the fifth consecutive session after last week’s multi-month lows in he 110.60 area.

    Spot will remain under scrutiny later in the NA session with the releases of US Services PMI, Durable Goods Orders and the weekly report on the labour market. In Japan, key inflation figures for the month of March will be in the limelight tomorrow.

    USD/JPY levels to watch

    As of writing the pair is up 0.28% at 112.69 and a break above 113.25 (23.6% Fibo of 121.70-110.65) would open the door to 114.58 (high Mar.2) and then 115.10 (55-day sma). On the other hand, the next immediate support aligns at 110.65 (low Mar.17) ahead of 105.18 (monthly low Oct.2014) and finally 100.74 (monthly low Feb.4 2014).

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