16 Feb 2015
USD/JPY stuck between Fibonacci levels
FXStreet (Mumbai) - The USD/JPY pair continues to trade largely within the range of 119.20 to 118.42, which are the key Fibonacci levels of the uptrend 117.16-120.46.
Absence of fresh cues from US markets
The pair lacks cues from the US Treasury markets on account of a trading holiday in the US. Furthermore, the data docket in Asia as well as Europe was thin. The absence of critical economic data across the globe restricted the sentiment sensitive USD/JPY pair to the above mentioned range.
Moreover, the pair has been restricted in the said range since last Thursday. However, the pair may breakout from its trading range of 119.20 (38.2% retracement) and 118.42 (61.8% retracement) depending on the outcome of the Eurogroup meeting scheduled later in the day.
USD/JPY Technical levels
The pair currently trades 0.15% lower at 118.57 levels. The immediate support is seen at 118.35, under which losses could be extended to 117.94 levels. On the flip side, resistance is seen at 118.81, above which the pair could test 119.20 levels.
Absence of fresh cues from US markets
The pair lacks cues from the US Treasury markets on account of a trading holiday in the US. Furthermore, the data docket in Asia as well as Europe was thin. The absence of critical economic data across the globe restricted the sentiment sensitive USD/JPY pair to the above mentioned range.
Moreover, the pair has been restricted in the said range since last Thursday. However, the pair may breakout from its trading range of 119.20 (38.2% retracement) and 118.42 (61.8% retracement) depending on the outcome of the Eurogroup meeting scheduled later in the day.
USD/JPY Technical levels
The pair currently trades 0.15% lower at 118.57 levels. The immediate support is seen at 118.35, under which losses could be extended to 117.94 levels. On the flip side, resistance is seen at 118.81, above which the pair could test 119.20 levels.