2 Feb 2015
USD/JPY holds above 117.50 levels
FXStreet (Mumbai) - The US dollar trimmed previous gains versus the Japanese yen from the volatile Asian session and steadies now as markets shrugged off weak worse-than-expected Chinese data and now await US PMI numbers due later in the day.
Stuck at 5-DMA
Currently, the USD/JPY traded at 117.65 levels, up 0.13% on the day, retreating from daily highs previously posted at 117.87 levels. The pair remains elevated as traders now await US PMI data due later today in absence of any data for the pair to be released now. The yen remained pressured as negative Chinese data failed to spur risk-off trading amid thin liquidity.
Meanwhile, diverging policy outlook between the US Fed and the Bank of Japan (BOJ) is likely to underpin USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 levels and above which it could extend gains 118.47 levels. To the downside immediate support might be located at 117.25 levels, below that at 116.95 levels.
Stuck at 5-DMA
Currently, the USD/JPY traded at 117.65 levels, up 0.13% on the day, retreating from daily highs previously posted at 117.87 levels. The pair remains elevated as traders now await US PMI data due later today in absence of any data for the pair to be released now. The yen remained pressured as negative Chinese data failed to spur risk-off trading amid thin liquidity.
Meanwhile, diverging policy outlook between the US Fed and the Bank of Japan (BOJ) is likely to underpin USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 levels and above which it could extend gains 118.47 levels. To the downside immediate support might be located at 117.25 levels, below that at 116.95 levels.