• 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.

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

 

 

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