- USD/JPY staged an impressive 200 pip rally after stronger than expected US ISM PMI indices.
- US ISM numbers came in better than expected at 49.5 in February, compared to 48.2 seen in January.
- Comments from BOJ Governor Kuroda, who sounded optimistic on Japan’s inflation outlook boosting JPY bulls.
- The pair is struggling hard to keep the 114 handle, and has slipped below to currently trade at 113.88.
- Later today in the NY session, US ADP employment change numbers and EIA crude reserves report will be the main focus for further direction in the pair.
- 5-DMA at 113.50 is immediate support ahead of 113.37 (Feb 17th lows), while resistance above 114 is seen at 114.18 (March 1st highs) and then 114.32 (Feb 18th highs).
The material has been provided by InstaForex Company – www.instaforex.com