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USD/JPY turns negative near 118.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is now losing some altitude vs. its Japanese peer, sending USD/JPY back to the 118.60/50 band ahead of the European open.

    USD/JPY focus on US data, BoJ

    The pair keeps the upbeat mood during the week so far, extending the rebound from the mid-117.00s although a break above the 119.00 handle still remains elusive.

    Yesterday’s cautious tone from the FOMC meeting did not have much follow through, with the 119.00 area capping the upside for the time being.

    Key hours ahead for the pair, as US Durable Goods Orders, Pending Home Sales and Initial Claims are expected later today, whereas January’s CPI figures and the BoJ interest rate decision are due in the Japanese docket.

    USD/JPY levels to watch

    The pair is down 0.02% at 118.60 facing the next support at 117.78 (23.6% Fibo of 123.67-115.96) ahead of 115.96 (low Jan.19) and finally 115.82 (low Jan.15 2015). On the other hand, a surpass of 119.82 (50% Fibo of 123.67-115.96) would target 120.63 (55-day sma) en route to 121.47 (200-day sma).
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