FxWirePro: Risk aversion weighs on USD/JPY, downside likely to test 112.30 levels
Wednesday, March 9, 2016 5:15 AM UTC
- Worse-than expected Chinese trade figures and oil price sell-off continues to weigh on market sentiment.
- USD/JPY largely range-bound in the Asian session, after two consecutive day's of losses.
- The pair find strong support at 42 levels and we see a Doji formation at lows.
- Daily technicals support further downside, breaks below 112.42 could see test of 112.30 and then 112.15 levels.
- Immediate resistance is seen at 113 (Feb 23rd highs) , while support on the downside is seen at 112.30 (Feb 19th lows).
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-major-support-at-11345-support-good-to-sell-rallies-174388) has hit initial target.
Recommendation: Book partial profits, lower trailing stops to 113 levels, target 112.30/112.15
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