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10 Feb 2016
USD/JPY gyrates 115.00 handle
The USD/JPY pair is trading around 115.00 levels as investors stay cautious ahead of Fed’s Yell testimony to congressional committee later.
Rejected at 115.18
Spot clocked a high of 115.18 before turning lower to trade below 115.00 levels. The bullish momentum JPY came to a halt on speculation the BOJ intervened in the FX markets in order to halt the rise in JPY.
The safe haven demand for Yen appears to have stalled as well, given the rally in the US stocks. Meanwhile, the upside is being capped as investors await Yellen’s take on the financial market instability and next move in rates.
USD/JPY Technical Levels
The immediate resistance is seen at 1115.18 (daily high), above which prices could target 115.97 (Jan 20 low). On the other hand, a break below 114.16 (100% Fibo expansion of May 2015 high-Aug 2015 low – Nov 2015 high) would expose 113.99 (23.6% of 2011 low-2015 high).
Rejected at 115.18
Spot clocked a high of 115.18 before turning lower to trade below 115.00 levels. The bullish momentum JPY came to a halt on speculation the BOJ intervened in the FX markets in order to halt the rise in JPY.
The safe haven demand for Yen appears to have stalled as well, given the rally in the US stocks. Meanwhile, the upside is being capped as investors await Yellen’s take on the financial market instability and next move in rates.
USD/JPY Technical Levels
The immediate resistance is seen at 1115.18 (daily high), above which prices could target 115.97 (Jan 20 low). On the other hand, a break below 114.16 (100% Fibo expansion of May 2015 high-Aug 2015 low – Nov 2015 high) would expose 113.99 (23.6% of 2011 low-2015 high).