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USD/JPY trims gains along with Nikkei

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Japan’s Nikkei index trimmed gains heading into the daily close and dragged USD/JPY lower along with it. The spot now trades unchanged on the day at 114.55 levels.

    Rejected at hourly 200-MA

    The spot failed to take out the hourly 200-MA located at 114.85 levels as the bullish momentum in the Japanese index Nikkei ran out of steam. The index turned lower from the high of 15,809 levels to trade around 160,054 levels.

    The traders now wait to see how European markets do following the risk-on action in Asia.

    USD/JPY Technical Levels

    The immediate resistance is seen at 115.06 (10-DMA), above which the spot could target 115.97 (Jan 20 low). A break higher would expose 116.69 (Jan 11 low). On the other hand, a break below 114.29 (support on hourly chart) would open doors for a support at 114.00. A break lower would expose 113.42 (hourly 100-MA).
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