USD/JPY tracks DXY lower, 112 on sight amid thin trades
|The USD/JPY pair is seen meandering near more-than two-week lows struck earlier on the day at 112.48, as the spot takes cues from the sentiment around the US dollar, amid lack of fresh fundamental drivers and holiday-thinned markets. Japanese markets are closed today on account of Vernal Equinox Day.
Moreover, a cautious tone prevalent in the markets, as dust settles over the G20 meeting outcome, which adds to the bearishness around USD/JPY. Also, subdued trading activity seen around the treasury yields amid last week’s Fed disappointment and mixed US macro releases, continue to weigh down on the major.
In the week ahead, a bevy of Fed speakers will take the center stage and provide fresh insights on the Fed interest rates outlook, while the US dataflow will be also closely eyed for gauging the strength of the US economic recovery.
USD/JPY Technical levels to watch
The major finds immediate resistance at 112.67/75 (daily pivot & high). A break above the last, the major could test 112.93/113 (5-DMA/ round number) and 113.46 (50-DMA/ psychological levels) beyond the last. While to the downside, the immediate support is seen at 112 (round number/ multi-week low) next at 111.67/57 (Feb 26 & 7 low) and below that at 111.32 (Nov-end lows).
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