USD/JPY flirts with 116.00 ahead of Trump’s presser

The USD/JPY pair faces minor bids on every attempt below 116 handle, containing the retreat and hence, keeping the recovery mode intact amid persistent broad based US dollar strength.

Although the recovery appears to lack follow-through as the Yen buyers keep lurking, in wake of increased nervousness in the markets, as attention turns towards Trump’s news conference due later in the NA session.

In the meantime, the major will get influenced by the broader market sentiment and USD price-action amid a lack of relevant fundamental drivers due on the cards today.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 116.39 (5-DMA). A break above the last, the major could test 116.67/76 (10-DMA/ 1h 200-SMA) and 116.98 (20-DMA) beyond the last. While to the downside, the immediate support is seen at 115.77 (daily pivot) next at 115.18 (Jan 10 low) and below that at 114.96 (50-DMA).