USD JPY trying to develop in forex market
1/25/2017 1:42:00 PM
According to Tuesday trading in forex market the USD/JPY pair failed to develop yesterday's strong recovery move and met refusal at 114.15 handle.
The pair consequently fell to 113.37 level after better than anticipated Japanese trade balance data, although has managed to recoil lows and is currently trading around 113.77 area. Japanese data released on Wednesday showed better than anticipated trade surplus for the month of December, resulting to a yearly surplus in 2016 for the first time in six years.
On a constant move back above 114.15 handle, the pair is likely to jump to 114.33 intermediate persistence before heading towards testing 50-day SMA hurdle near 114.67 region. On the other hand, decline below session low support near 113.37 level might now pull the pair back below 113.10 handle towards an important horizontal support near 112.65 area.
FOREX Fundamental Analysis by:
FxErvin
