USD/JPY turns positive above 112.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Japanese yen has now surrendered its gains vs. its American peer, sending USD/JPY to levels beyond the 112.00 handle, or session peaks.

    USD/JPY up on USD-buying, Kuroda

    Spot has gathered further steam following a pick up in the demand for the US dollar, while comments by Governor H.Kuroda has left the door open for further stimulus as ‘negative rates does not signal a limit to QQE’.

    In the meantime, spot seems to have found support in the 111.60 area so far, recovering some ground lost after yesterday’s significant pullback.

    Data wise in Japan, there’s nothing noteworthy until Friday’s inflation figures, while speeches by Fed’s Kaplan and Bullard will keep investors entertained later in the NA session.

    USD/JPY levels to watch

    As of writing the pair is gaining 0.12% at 112.18 with the next hurdle at 114.89 (high Feb.16) ahead of 115.28 (high Feb.10) and then 115.40 (20-day sma). On the flip side, a breakdown of 110.98 (low Feb.11) would expose 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
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