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USD/JPY finds support at 5-DMA, What’s next?

Omkar Godbole FXStreet Contributor

The Dollar-Yen pair extended Friday’s weak tone this Monday morning, but found support at the 5-DMA level of 113.73 levels.

Focus on equities & Friday’s US wage growth numbers

Equities seem to have digested the North Korea Missile news well. Kospi has trimmed losses, while the Hang Seng is trading on a positive note. Risk sentiment would be stabilized if European equities open the day on a positive note. That would help USD/JPY regain the bid tone.

Meanwhile, March Fed rate hike bets could drop if Friday’s US wage growth numbers for February miss estimates by a wide margin. In that case, the 2-year treasury yield and the Dollar-Yen pair could drop.

USD/JPY Technical Levels

The spot was last seen trading at 113.80. Breakdown of support at 113.73 (5-DMA) would open doors for 113.31 (10-DMA) and 113.00 (zero figure) levels. On the higher side, breach of resistance at 114.22 (50-DMA) would expose 114.75 (Friday’s high) and 115.00 (zero figure).

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Updated Mar 3, 02:15 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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