USD/JPY turns positive but stalls ahead of 113.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    US dollar finally picked up pace against the yen and climbed to fresh daily highs, moving away from a weekly low of 112.22 scored earlier.

    USD/JPY rose more than 70 pips over the last hours and turned positive for the day, although the upside was capped a few pips ahead of the 113 mark. Having struck a high of 112.96, the pair is currently trading at 112.87, up 0.25% on the day, ahead of US wholesale inventories data release.

    USD/JPY levels to watch

    As for technical levels, next supports are seen at 112.15 (Mar 1 low) and 111.88 (Feb 25 low) ahead of 110.97 (2016 low, Feb 11). On the other hand, resistances could be found at 113.50 (Mar 8 high), 114.54 (Mar 2 high) and 115.05 (38.2% Fibo retracement of 121.68-110.97).
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