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USD/JPY turns negative below 113.70

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The greenback is alternating gains with losses vs. its Japanese peer on Thursday, with USD/JPY meandering the area below the 114.00 handle.

    USD/JPY capped near 114.30

    A continuation of the risk-on trade has pushed spot to session highs near 114.30 in overnight trading supported by a positive performance of Asian equities. However, the up move run out of traction and triggered another leg lower to sub-114.00 levels during the morning in the Old Continent along with some pick up in the risk aversion.

    Data wise in Japan, January’s trade deficit was lower than expected although both imports and exports have contracted more than forecasted. Back to the US docket, Initial Claims are due next, seconded by the Philly Fed Survey and the speech by Fed’s William.

    USD/JPY levels to watch

    As of writing the pair is losing 0.02% at 113.78 with the next support at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014). On the slip side, a breakout of 114.89 (high Feb.16) would aim for 115.28 (high Feb.10) and then 116.66 (20-day sma).
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