S&P 500 futures turn positive, USD/JPY trims losses

S&P 500 futures turn positive, help USD/JPY retake the 106.00 handle.
Stock markets are in the driver's seat.

Omkar Godbole FXStreet Contributor

The USD/JPY has recovered 20 pips from the session low of 105.82, tracking the uptick in the S&P 500 futures.

As of writing, the futures are trading 6 points or 0.24 percent higher on the day. About an hour ago, the futures were down more than 0.20 percent as Trump's plan to impose fresh tariffs on China boosted fears of a full-blown US-China trade war.

It remains to be seen if the S&P 500 futures hold on to gains during the day ahead. For now, the positive turn is helping the USD regain some poise.

USD/JPY Technical Levels

The immediate support is seen at 105.55 (Feb. 16 low) would expose recent low of 105.25 (March 2 low) and 105.00 (major psychological support). Meanwhile, on the higher side, only a close above 106.75 (previous day's high) would signal bearish invalidation and open doors for re-test of 107.29 (weekly high) and 107.91 (Feb. 21 high).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Expanding
1H	Strongly Bearish	Neutral	Expanding
4H	Strongly Bearish	Oversold	Expanding
1D	Bullish	Neutral	Low
1W	Bearish	Neutral	High
Updated Mar 15, 03:00 GMT

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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