USD/JPY soars above 114.00 after ECB, jobless claims

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY staged a decent rally and broke above the 114 mark, as the dollar strengthened following the surprise ECB decision, which was fueled by better-than-expected US jobless claims data.

    US jobless claims dropped to a 5-month low of 259K in the week ended March 4, versus the 275K expected.

    USD/JPY rose to its highest level in over a week at 114.43 and it was last trading around 114.20, recording a 0.78% gain on Thursday.

    USD/JPY levels to watch

    As for technical levels, next resistances could be found at 114.54 (Mar 2 high) and 115.05 (38.2% Fibo retracement of 121.68-110.97). On the flip side, supports are seen at 112.15 (Mar 1 low) and 111.88 (Feb 25 low) ahead of 110.97 (2016 low, Feb 11).
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