30 Dec 2014
USD/JPY drops to fresh daily lows on risk-off trades
FXStreet (Mumbai) - The Japanese yen strengthened against the US dollar in the early European morning, as risk-off sentiments re-emerged as Greek troubles continue to weigh on the markets.
Currently, the Japanese yen gained 0.48% against the US dollar and trades at fresh daily high of 120.07 levels. The USD/JPY pair fell back below its resistance at 120.50 levels, as risk-off environment resurfaced amid growing Greek political turmoil, sliding oil prices and global equities, which boosted the safe haven appeal in the Japanese yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.50 levels and above which it could extend gains 120.83 (Dec 23 High) levels. To the downside immediate support might be located at 120 levels, below that at 119.29 (Dec 22 Low) levels.
Currently, the Japanese yen gained 0.48% against the US dollar and trades at fresh daily high of 120.07 levels. The USD/JPY pair fell back below its resistance at 120.50 levels, as risk-off environment resurfaced amid growing Greek political turmoil, sliding oil prices and global equities, which boosted the safe haven appeal in the Japanese yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.50 levels and above which it could extend gains 120.83 (Dec 23 High) levels. To the downside immediate support might be located at 120 levels, below that at 119.29 (Dec 22 Low) levels.