USD/JPY turns lower and hits fresh weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY turned lower and printed fresh daily lows following a short-lived spike boosted by US CPI, as core CPI rose 0.3%, the largest monthly increase since August 2011.

    USD/JPY reached a session high of 113.20 but failed to hold gains and turned lower, having slid to a fresh weekly low of 112.55 in recent dealings, coincidentally with a pullback of the dollar across the board. At time of writing, USD/JPY is trading at 112.65, down 0.49% on the day.

    USD/JPY levels to watch

    As for technical levels, next supports are seen at 111.65 (Feb 12 low) and 110.97 (2016 low, Feb 11). On the upside, immediate resistances line up at 113.32 (Feb 19 high), 113.50 (23.6% Fibo retracement of 121.68-110.97) and 113.84 (10-day SMA).
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