USD/JPY steady around 115.50 as financial markets head into the weekend

The USD/JPY gains 0.45% in the week amid an improved market mood.
Reports from Russia said that Vladimir Putin is open to sending a delegation to Minsk for talks with Ukraine.
USD/JPY Technical Outlook: Upward biased, but a daily close above 115.49, would open the door for a renewed challenge of YTD high at 116.35.

Christian Borjon Valencia FXStreet

The USD/JPY is set to finish the week with gains, climbing 0.45%, amid a risk-on market mood, portrayed by global equities, while in the FX space, high-beta currencies lead. Newswires reported that Russian President Vladimir Putin is ready to hold talks with the government in Ukraine following the Russian invasion. The USD/JPY barely advances 0.02%, trading at 115.57 at press time.

Ukraine – Russia conflict update

Although Russia’s attacks continue for the third consecutive day, Russian Federation President Vladimir Putin “reportedly” is open to sending a delegation to Minsk for talks with Ukraine. The headline has kept investors calmed, as safe-haven peers recorded gains for two consecutive days. However, as reported by Bloomberg, it is only a matter of time before Russia’s forces would take control of Kyiv. That said, uncertainty keeps surrounding the Ukraine – Russia conflict, though caution is warranted when trading the financial markets.

In the meantime, the US economic docket featured Durable Goods Orders for January, which came at 1.6% m/m, higher than 0.6% estimated. Meanwhile, the Federal Reserve’s favorite inflation gauge, the PCE, rose to 6.1% y/y, higher than the 5.8% foreseen, while Core PCE rose to 5.2%, more than the 5.1% expected. Additionally, the University of Michigan Consumer Sentiment Final for February increased to 62.8, better than the 61.7

USD/JPY Price Forecast: Technical outlook

The USD/JPY daily chart depicts the pair as upward biased. The daily moving averages (DMAs) reside below the spot price, with a bullish slope, but to further cement its bias, it would require a daily close above the February 24 close at 115.49.

If that scenario plays out, the USD/JPY first resistance would be February 15 daily high at 115.87. A decisive break would send USD/JPY towards 116.00, followed by the YTD high at 116.35.

USD/JPY

Overview
Today last price	115.57
Today Daily Change	-0.02
Today Daily Change %	-0.02
Today daily open	115.59

Trends
Daily SMA20	115.21
Daily SMA50	114.9
Daily SMA100	114.35
Daily SMA200	112.22

Levels
Previous Daily High	115.7
Previous Daily Low	114.41
Previous Weekly High	115.88
Previous Weekly Low	114.79
Previous Monthly High	116.35
Previous Monthly Low	113.47
Daily Fibonacci 38.2%	115.2
Daily Fibonacci 61.8%	114.9
Daily Pivot Point S1	114.77
Daily Pivot Point S2	113.94
Daily Pivot Point S3	113.48
Daily Pivot Point R1	116.06
Daily Pivot Point R2	116.52
Daily Pivot Point R3	117.34

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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