USD/JPY jumps-off key support near 117.30

By FXStreet FXStreet (Mumbai) – The USD/JPY pair continued to remain under pressure in mid-Asia, after the Asian stocks tracked the Wall Street lower, although trims losses and reverts to the mid-point of 117 handle.

USD/JPY recovers to 5-DMA

Currently, the USD/JPY pair trades -0.15% lower at 117.52, retracing from fresh session lows reached at 117.31 in the last hours. Having failed near hourly 200-SMA at 118.33 in the last NY session, the major drifted lower on the back of rising safe-haven demand for the yen after the stocks plunged so as the oil prices.

In recent dealings, the prices tested the key support near 117.30 region that has acted as a major support this week, and attempts a minor recovery the next upside barrier placed near 117.70 area.

Meanwhile, the Chinese stocks extend previous losses, despite a neutral yuan fix, with the Shanghai index losing -1.65% while Japan’s Nikkei 22 index collapses -3.66% as markets still remain jittery in light of the falling oil prices and the looming uncertainties surrounding China.

Markets now await a set of US data, including the weekly jobless claims and import prices, due later in the day, which may provide the much-needed lift to the US currency. While …read more

Source:: FX Street