USD/JPY weaker, extends losses below 112.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Japanese yen continues to appreciate vs. its American peer on Thursday, taking USD/JPY to fresh 15-month lows in the 112.40/35 band.

    USD/JPY propped up by risk aversion

    The persistent risk-off trade remains the exclusive theme throughout the week so far, with spot coming down to visit levels last seen in October/November 2014 around 112.40.

    The inactivity in the Japanese markets due to the celebrations of the National Founding Day holiday will leave spot to the mercy of the risk trends and USD-dynamics ahead in the session, where US Initial Claims is the only scheduled release today followed by Chief Yellen’s testimony.

    USD/JPY levels to watch

    As of writing the pair is retreating 0.82% at 112.37 facing the next support at 112.00 (psychological level) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014). On the flip side, a surpass of 115.28 (high Feb.10) would expose 117.49 (20-day sma) and then 119.56 (55-day sma).
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