USD/JPY: downside plays out below 20 1hr sma

By FXStreet USD/JPY is pressured below the hourly 20 sma on the open in Tokyo today and the price has been pressured there from overnight trade, now penetrating the 112 handle.

Markets are looking for safe havens on volatility in stocks and oil, supporting the Yen. The price of oil continues to dominate, for now, in ever changing themes in 2016. For today, oil is consolidated after a sell-off on no production cuts on the table from the Saudi oil minster where the price fell from territory on $33 bbls to recent lows of $31.23 WTI.

Attention is otherwise on Kuroda speaking in parliament again, but has not come up with any market moving commentary as yet. Instead, we will look ahead towards US data and Fed speakers. “Fed vice chair Fischer speaks during the Asia session (12:30pm Syd/9:30am Sing/HK) on monetary policy. There will be audience Q&A. US Jan new home sales are expected at -4.4% m/m after rising to near highs back to 2008 in Dec,” noted analysts at Westpac.

USD/JPY levels

Technically, the 11th Feb low is a risk towards 110.50 and the psychological 110.00 level is significant. Meanwhile, the pivot is at 112.88 and RSI on …read more

Source:: FX Street