23 Mar 2015
USD/JPY stuck around 120
FXStreet (Mumbai) - USD/JPY continues to waver around 120 handle during the Asian session, extending its side trend from Tokyo open, as markets remain calm ahead of a series of crucial Japanese macro data due later in the week.
USD/JPY faces resistance at 5-DMA
Currently, the USD/JPY trades flat at 120 levels, having posted fresh session highs at 120.11 and day’s low at 119.82. USD/JPY is seen struggling around the 120 handle, despite the renewed strength in the US dollar versus tis major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 98.24 levels, recording a 0.19% gain on the day.
The yen also remains weak against the US dollar largely in absence of fresh triggers after Bank of Japan (BOJ) Governor Kuroda repeated his mantra last week that the Japanese central bank can achieve its 2% inflation target "around fiscal 2015" ending March 31, 2016.
The pair faces strong resistance at 121 barrier, as renewed selling pressure arises at the level on every attempt to the upside, as markets reconsider Wednesday's FOMC statement dragging the USD lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.20 (5-DMA) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.82 (Today’s Low) levels, below that at 119.66 levels.
USD/JPY faces resistance at 5-DMA
Currently, the USD/JPY trades flat at 120 levels, having posted fresh session highs at 120.11 and day’s low at 119.82. USD/JPY is seen struggling around the 120 handle, despite the renewed strength in the US dollar versus tis major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rebounds to 98.24 levels, recording a 0.19% gain on the day.
The yen also remains weak against the US dollar largely in absence of fresh triggers after Bank of Japan (BOJ) Governor Kuroda repeated his mantra last week that the Japanese central bank can achieve its 2% inflation target "around fiscal 2015" ending March 31, 2016.
The pair faces strong resistance at 121 barrier, as renewed selling pressure arises at the level on every attempt to the upside, as markets reconsider Wednesday's FOMC statement dragging the USD lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.20 (5-DMA) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.82 (Today’s Low) levels, below that at 119.66 levels.