1. Hello Guest Click here to check FX Binary Point Financial Directory

USD/JPY under pressure in Tokyo, flirts with hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD/JPY pair failed once again to resist above 114 handle and remains under mild selling pressure amid negative Japanese equities.

    USD/JPY breaches 5-DMA support at 113.70

    The bid tone around the Japanese yen is seen gathering pace at the start of the week, pushing USD/JPY gradually lower below hourly 100-SMA located at 113.65. The major edges lower, despite broad based USD strength, as the sentiment appears to sour on the back of minor weakness seen on the Japanese stocks. At the time of writing, USD/JPY drops to fresh session lows of 113.63, down -0.12% on the day, while the Japanese benchmark index, the Nikkei 225 declines -0.40% to 16,946 points.

    With the US NFP behind, markets now gear up for BOJ Kuroda’s speech due later this session and tomorrow’s final GDP figures from Japan, while the US macro calendar remains fairly light this week, leaving the major to the mercy of the market sentiment, Chinese trade data and oil price action.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 114 (round number). A break above the last, the major could test 114.28/58 (Mar 3 & 2 High). While to the downside, the immediate support is seen at 113.44/35 (10 & 20-DMA) and below that at 113.13 (1h 200-SMA).
    For more information, read our latest forex news.

Share This Page