USD/JPY crumbles below 118.00

Wed, Feb 03 2016, 15:51 GMT | FXStreet

FXStreet (Córdoba) - USD/JPY came under strong pressure amid a broad USD sell-off and lost almost 200 pips since the beginning of the American session, breaking below several support levels.

USD/JPY plummeted and dipped below the 118.00 level, as stocks losses added momentum, to hit a fresh 2-week low of 117.50 before finding support. Having recovered from session lows, USD/JPY is currently trading at 118.05, still recording a 1.6% daily loss.

USD/JPY technical levels

As for technical levels, next supports are seen at 117.50 (Feb 3 low), 116.46 (Jan 21 low) and 115.96 (Jan 20 low). On the other hand, immediate resistances could be faced at 120.00/03 (psychological level/Feb 3 high), 120.23 (50-day SMA) and 120.58 (100-day SMA).

S3	S2	S1	R1	R2	R3
118.69	118.99	119.28	120.54	120.84	121.14

Trend Index	OB/OS Index
Data updated on Feb 03 a 16:00 GMT (15-minute timeframe)
Slightly Bearish	Neutral

View USD/JPY technical studies

Ani Salama

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Ani Salama is an Economist specialized in financial markets and statistics analysis and she is the head of the FXStreet American team. In 2010, she joined FXstreet where she now contributes with the news section.

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