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USD/JPY wobbles around 114.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/JPY is recovering the ground lost on Wednesday, gyrating around the 114.00 handle after the earlier knee-jerk to 113.80.

    USD/JPY upside stalled near 114.30

    The pair is extending its weekly sideline pattern between 112.00 and the upper-114.00s against the backdrop of alternating trends in the risk appetite and some recovery in the greenback.

    Spot will remain under scrutiny in light of the upcoming releases in the US calendar: Initial Claims, Factory Orders and the ISM Non manufacturing, while Non-farm Payrolls will take centre stage tomorrow.

    USD/JPY levels to consider

    As of writing the pair is advancing 0.48% at 113.91 and a breakout of 114.56 (high Mar.3) would aim for 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98). On the other hand, the next support lines up at 112.14 (low Mar.1) followed by 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014).
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