17 Feb 2015
USD/JPY bounced off 118.25; but remains capped at 118.50
FXStreet (San Francisco) - The US dollar managed to find support at 118.25 against the Japanese Yen, however the pair remains below the 118.50 level as the it does not show excessive force.
Currently, USD/JPY is trading at 118.45, flat on the day, having posted a daily high at 118.51 and low at 118.38. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish.
USD/JPY levels
According to Valeria Bednarik, Chief Analyst at FXStreet, "the pair has been under pressure ever since the BOJ dismissed chances of further stimulus, with the pair trading lower in range for the past two days."
If the pair manages to break above 118.50, next resistance will be 118.65/70 and 119.00. To the downside, supports are at 118.25, 118.15 and 118.00.
Currently, USD/JPY is trading at 118.45, flat on the day, having posted a daily high at 118.51 and low at 118.38. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish.
USD/JPY levels
According to Valeria Bednarik, Chief Analyst at FXStreet, "the pair has been under pressure ever since the BOJ dismissed chances of further stimulus, with the pair trading lower in range for the past two days."
If the pair manages to break above 118.50, next resistance will be 118.65/70 and 119.00. To the downside, supports are at 118.25, 118.15 and 118.00.