USD/JPY treading water around 113.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY keeps the buoyant tone during the first half of the week, now deflating from daily peaks and looking to stabilize around 113.00 the figure.

    USD/JPY stronger on risk appetite, eyes US data

    A resurgence of the risk-on sentiment in the global markets has motivated traders to abandon positions in the safe haven Yen since early trade in Asia. The upbeat mood has later spreaded into the European session and pushed spot higher above the 113.00 handle, recovering further ground after yesterday’s pullback.

    Data wise in the US docket, Markit’s manufacturing PMI is due later, followed by the more relevant ISM Manufacturing, Construction Spending and the API’s weekly report on crude stockpiles.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.35% at 113.12 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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