USD/JPY flirts with 116.00 ahead of Trump’s presser

Dhwani Mehta FXStreet

The USD/JPY pair faces minor bids on every attempt below 116 handle, containing the retreat and hence, keeping the recovery mode intact amid persistent broad based US dollar strength.

Although the recovery appears to lack follow-through as the Yen buyers keep lurking, in wake of increased nervousness in the markets, as attention turns towards Trump’s news conference due later in the NA session.

In the meantime, the major will get influenced by the broader market sentiment and USD price-action amid a lack of relevant fundamental drivers due on the cards today.

USD/JPY Technical levels to watch

The major finds immediate resistance at 116.39 (5-DMA). A break above the last, the major could test 116.67/76 (10-DMA/ 1h 200-SMA) and 116.98 (20-DMA) beyond the last. While to the downside, the immediate support is seen at 115.77 (daily pivot) next at 115.18 (Jan 10 low) and below that at 114.96 (50-DMA).

1. R3 117.46
2. R2 116.91
3. R1 116.27
PP 115.72
1. S1 115.09
2. S2 114.54
3. S3 113.90

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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