USDJPY 2016-02-17

Feb 17, 12:31 pm

USD/JPY

114.25

Market rebound fast last week from 111.30 where Market now expecting BOJ to step in for Currency intervention to prevent USD/Japanese Yen from any farther decline below 110.00

BOJ may go for verbal intervention to reach traders that any farther decline in USDJPY may not be acceptable for policy makers

however market expecting that any prices below 113.50 may be zone of BOJ verbal intervention while below 110.00 market odds for direct currency intervention from BOJ will be high

Technical analysis view : Market managed to rebound above 113.50 which may give farther rebound correction toward 115.10

market facing Resistance levels at 115.10 and 116.20 where as long as market holding below one of those levels the downtrend pressure will sustain on any new turmoil that may hit the market with target toward 110.00

short-run showing support at 113.65 and 113.00 which may help USDJPY for another advance toward 115.10 , while below 113.00 downtrend pressure may resume

  Support Resistence
Level 1 113.65 115.10
Level 2 113.00 116.20
Level 3 111.70 117.50
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