USD/JPY Attempting Break Above Hourly 50-MA
The corrective move in the USD/JPY strengthened further in Europe, with the pair making a failed attempt to break above hourly 50-MA located at 109.10 levels.
Yen rally stalls, supports majors
Japanese Yen was at the center stage this week, driving action in the FX markets. The fall has been so intense that it rattled sentiment in the equity markets as well. However, corrective move in Yen (JPY crosses) ahead of the weekend is supporting majors like EUR/USD and GBP/USD plus.
Given the US data calendar is light, profit taking may continue heading into the weekend. At the time of writing, USD/JPY was trading around 109.00; up 0.70% on the day.
USD/JPY Technical Levels
Acceptance above 109.10 (hourly 50-MA) – 109.11 (23.6% of 113.80-107.66) would expose hurdle at 110.00 (hourly 100-MA + 38.2% of 113.80-107.66). Conversely, a failure to sustain above 109 would open doors for a re-test of 108.06 – 107.66 (previous day’s low).
(Market News Provided by FXstreet)