27 Jan 2015
Yen defends gains versus USD, hovers around 20-DMA
FXStreet (Mumbai) - The Japanese yen defends gains against the US dollar in the Asian morning, erasing previous losses as the greenback gained on generalized risk-on sentiments.
Currently, the USD/JPY trades at 118.22 levels, down -0.21% on the day, retracing from day’s high posted at 118.66 earlier in the session. The pair is seen trading in a tight range over the past week as traders remains indecisive in absence of a clear direction ahead of a deluge of Japanese economic releases due later this week.
Moreover, traders have now turned their focus on US Fed's policy meeting on Wednesday for further moves on the currency pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 118 levels, below that at 117.38 levels.
Currently, the USD/JPY trades at 118.22 levels, down -0.21% on the day, retracing from day’s high posted at 118.66 earlier in the session. The pair is seen trading in a tight range over the past week as traders remains indecisive in absence of a clear direction ahead of a deluge of Japanese economic releases due later this week.
Moreover, traders have now turned their focus on US Fed's policy meeting on Wednesday for further moves on the currency pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 118 levels, below that at 117.38 levels.