16 Mar 2016
USD/JPY pops, takes out hourly 100-MA hurdle
The offered tone around JPY gathered pace in Europe, pushing USD/JPY well above its hourly 100-MA level of 113.50 levels.
JPY offered as stocks rise, investors await Fed
European stock markets advanced in early trading, thereby pushing funding currencies lower. Furthermore, a third straight weaker daily fix of Yuan and the resulting drop in the offshore Yuan to one-week low is also keeping Yen and other Asian currencies under pressure.
Investors also anticipate Fed to come out hawkish; hence USD is on the front foot. The spot hit a session high of 113.76, but now trades around 113.68 levels.
USD/JPY Technical Levels
The immediate support is seen at 113.50 (hourly 100-MA), under which losses could be extended to 113.38 (hourly 200-MA). A violation there would expose support at 113.00 (psychological level). On the other hand, a breach of immediate hurdle at 114.00 (Monday’s high) would expose resistance at 114.48 (23.6% of 125.86-110.97) and 115.51 (50-DMA).
Trade Federal Reserve interest rate decision - Live Coverage
JPY offered as stocks rise, investors await Fed
European stock markets advanced in early trading, thereby pushing funding currencies lower. Furthermore, a third straight weaker daily fix of Yuan and the resulting drop in the offshore Yuan to one-week low is also keeping Yen and other Asian currencies under pressure.
Investors also anticipate Fed to come out hawkish; hence USD is on the front foot. The spot hit a session high of 113.76, but now trades around 113.68 levels.
USD/JPY Technical Levels
The immediate support is seen at 113.50 (hourly 100-MA), under which losses could be extended to 113.38 (hourly 200-MA). A violation there would expose support at 113.00 (psychological level). On the other hand, a breach of immediate hurdle at 114.00 (Monday’s high) would expose resistance at 114.48 (23.6% of 125.86-110.97) and 115.51 (50-DMA).
Trade Federal Reserve interest rate decision - Live Coverage