17 Dec 2014
USD/JPY rebounds, hits fresh daily highs
FXStreet (Mumbai) - The Japanese yen weakened against the greenback, surrendering three consecutive days of gains on softer than estimates Japanese trade data.
Currently, USD/JPY hits fresh day’s high of 117.11 levels, trading 0.57% higher on the day. The Japanese yen lost momentum against the US dollar as weaker than expected Japanese trade data reignited concerns over the health of Japan’s economy, which slid into recession in the third quarter.
Japanese exports rose just 4.9% y/y in November, coming in much weaker than market expectations of a 7% rise. Import growth was also much softer than forecast, sliding 1.7% y/y in November as against markets’ forecasts of 1.6% rise in imports.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 (50-day SMA) levels and above which it could extend gains to 118.06 (Nov 19 High) levels. To the downside immediate support might be located at 116.72 (20-day SMA), below that at 116 levels.
Currently, USD/JPY hits fresh day’s high of 117.11 levels, trading 0.57% higher on the day. The Japanese yen lost momentum against the US dollar as weaker than expected Japanese trade data reignited concerns over the health of Japan’s economy, which slid into recession in the third quarter.
Japanese exports rose just 4.9% y/y in November, coming in much weaker than market expectations of a 7% rise. Import growth was also much softer than forecast, sliding 1.7% y/y in November as against markets’ forecasts of 1.6% rise in imports.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 (50-day SMA) levels and above which it could extend gains to 118.06 (Nov 19 High) levels. To the downside immediate support might be located at 116.72 (20-day SMA), below that at 116 levels.