30 Apr 2015
USD/JPY struggles around 118.90
FXStreet (Mumbai) - The recovery in the USD/JPY stalled around 118.90 since the early European session after the Bank of Japan left key policy instruments unchanged.
Will it rise above 119.00?
Whether or not the recovery is extended over and above 119.00 levels largely depends on the nature of the weekly US jobless claims report, and personal income and personal spending due for release at 12:30 GMT today. An upbeat data could push the treasury yields higher, thereby supporting further gains in the pair.
Moreover, the Fed actively tracks the Personal income and spending report, coupled with the weekly jobless claims data that gives insight into the labor market strength.
USD/JPY Technical Levels
The pair currently trades at 118.93, with the immediate resistance seen at 119.18 (100-DMA) and 119.87 (50-DMA). On the flip side, a break below 118.76, could drive the pair lower to the daily low of 118.48.
Will it rise above 119.00?
Whether or not the recovery is extended over and above 119.00 levels largely depends on the nature of the weekly US jobless claims report, and personal income and personal spending due for release at 12:30 GMT today. An upbeat data could push the treasury yields higher, thereby supporting further gains in the pair.
Moreover, the Fed actively tracks the Personal income and spending report, coupled with the weekly jobless claims data that gives insight into the labor market strength.
USD/JPY Technical Levels
The pair currently trades at 118.93, with the immediate resistance seen at 119.18 (100-DMA) and 119.87 (50-DMA). On the flip side, a break below 118.76, could drive the pair lower to the daily low of 118.48.