26 Mar 2015
USD/JPY: Yen gains on risk-off trades around 119.30
FXStreet (Mumbai) - USD/JPY remains pressured in the mid-Asian session, extending its bearish tone, as the yen strengthens against the US dollar on risk-off sentiments sparked by Saudi Arabia’s news.
USD/JPY testing monthly lows
Currently, the USD/JPY trades lower by -0.17% at 119.2 9levels, remaining near fresh four week lows reached in the previous session. USD/JPY remains weak this morning, largely on the back of reports that Saudi Arabia initiates bombing targets on Yemen which sparked risk-off moods. Hence, investors flocked to safety in the safe-haven asset such as the Japanese yen.
Moreover, USD/JPY remains pressured as traders continue to weigh Chicago Fed President Evans’ dovish comments along with the disappointing durable goods orders report released in the US last session.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow followed by the crucial US GDP numbers for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 119 levels, below that at 118.65 levels.
USD/JPY testing monthly lows
Currently, the USD/JPY trades lower by -0.17% at 119.2 9levels, remaining near fresh four week lows reached in the previous session. USD/JPY remains weak this morning, largely on the back of reports that Saudi Arabia initiates bombing targets on Yemen which sparked risk-off moods. Hence, investors flocked to safety in the safe-haven asset such as the Japanese yen.
Moreover, USD/JPY remains pressured as traders continue to weigh Chicago Fed President Evans’ dovish comments along with the disappointing durable goods orders report released in the US last session.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow followed by the crucial US GDP numbers for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 119 levels, below that at 118.65 levels.