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USD/JPY trims losses, recovers to hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY halted its downslide near 113.60 region and picked-up significant strength thereon, now trying to extend the recovery above hourly 100-SMA located at 113.90.

    USD/JPY awaits US jobs data

    Having bottomed near 113.60 region, the major now trims losses and heads higher in an attempt to regain 114 handle, as the rebound in the European stocks alongside oil continue to support the bulls. At the time of writing, USD/JPY trades at 113.90, down -0.16% on the day. Meanwhile, Germany’s DAX rallies 0.93% and the pan-European benchmark, the Euro Stoxx gains 0.81%.

    Earlier today, the yen was unperturbed by the dismal Japan’s trade data, while the dollar-yen pair was dragged lower mainly on the back of the ongoing weakness in the US dollar, after the FOMC minutes pointed towards a no March rate hike in wake of the recent global market turmoil. Looking ahead, focus now remains on the US datasets as markets continue to absorb a string of comments from the BOJ and Japanese government.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 114.10/11 (1h 200-SMA/ 5-DMA). A break above the last, the major could test 114.72/89 (Feb 15 & 16 High). While to the downside, the immediate support is seen at 113.63/58 (daily low & S1) and below that at 113.35 (Feb 17 Low).
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