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USD/JPY upside capped by 114.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese yen met renewed downside pressure on Monday, helping USD/JPY to advance to the 114.00 neighbourhood.

    USD/JPY bolstered by BoJ rumours

    The offered tone in the Japanese currency is following rumours that the BoJ could incur in further stimulus, sustaining at the same time today’s +7% upside in the Nikkei index.

    Spot is thus extending the rebound from last week’s troughs in the boundaries of 111.00 the figure, levels last seen in October 2014. The selling mood around JPY has been reinforced after flash GDP figures showed the domestic economy has contracted 0.4% inter-quarter in Q4 and 1.4% on an annualized basis.

    USD/JPY levels to watch

    As of writing the pair is advancing 0.49% at 113.84 and a surpass of 115.28 (high Feb.10) would expose 117.11 (20-day sma) and then 118.58 (55-day sma). On the downside, the next support aligns at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
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