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USD/JPY through 113.00, session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The buying interest around the greenback is gathering further traction today, lifting USD/JPY to fresh daily highs beyond the 113.00 handle.

    USD/JPY focus on US data

    The greenback met some downside pressure overnight in response to dovish comments by New York Fed W.Dudley, although it has managed to regain strength and advance to the current area of daily tops around 113.20.

    The prevailing risk-on trade following the European open has been also collaborating with the increasing outflows from the safe haven JPY, all ahead of the key ISM Manufacturing due later in the NA session. Prior surveys expect the ISM to have ticked a tad higher to 48.5 during February.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.39% at 113.19 and a breakout of 113.79 (20-day sma) followed by 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98). On the other hand, the next support lines up at 110.98 (low Feb.11) would expose 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
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