USD/JPY Rises for 8th Straight Day
Yen remains under pressure on seasonality factors, pushing the USD/JPY pair higher for 8th straight day.
Supported by 23.6% Fibo
A minor bout of weakness earlier today ran into support at 113.27 (23.6% of 121.69-110.67) levels following which the bid tone recovered. The gains were extended further in Europe as equities rallied providing no reason for markets to go for Yen.
Consequently, spot printed a high of 113.74 levels. Yen’s weakness is in line with the drop seen every year ahead of Japan’s fiscal new year (April 1) as Japanese make fresh overseas investments.
USD/JPY Technical Levels
Pair currently trades around 113.66. The immediate hurdle is noted at 113.89 (rising trend line hurdle), above which the spot could target 114.44 (Mar 10 high) and 114.58 (50-DMA). Conversely, acceptance below 113.27 (23.6% of 121.69-110.67) would expose 10-DMA of 112.51 and 112.22 (Mar 9 low).
(Market News Provided by FXstreet)