12 May 2015
USD/JPY testing highs near 120.20
FXStreet (Mumbai) - The US dollar extends its long stretch of gains in to the fifth straight session versus the Japanese yen in Asia, keeping USD/JPY supported above 120 handle, riding higher on the latest employment data from the US as markets continue pricing in the Fed rate lift-off. While markets completely ignored Monday’s downbeat labour market conditions report.
USD/JPY trades above 10-DMA
Currently, the USD/JPY pair trades 0.09% higher at fresh session highs of 120.20, rising from 120.07 lows reached earlier in the session. The USD/JPY defends mild gains despite a muted US dollar against its major peers as traders await fresh incentives amid a data-light day with only JOLTS Jobs Openings data on cards.
The US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies trades in a slim range near lows at 95.05.
Later this week traders will focus on April's US retail trade numbers, which will provide more clarity in terms of the economic rebound that can be expected in the early second quarter.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High) levels and above which it could extend gains 120.54 (May 5 High) levels. To the downside immediate support might be located at 120 below that at 119.43 (May 11 Low) levels.
USD/JPY trades above 10-DMA
Currently, the USD/JPY pair trades 0.09% higher at fresh session highs of 120.20, rising from 120.07 lows reached earlier in the session. The USD/JPY defends mild gains despite a muted US dollar against its major peers as traders await fresh incentives amid a data-light day with only JOLTS Jobs Openings data on cards.
The US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies trades in a slim range near lows at 95.05.
Later this week traders will focus on April's US retail trade numbers, which will provide more clarity in terms of the economic rebound that can be expected in the early second quarter.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High) levels and above which it could extend gains 120.54 (May 5 High) levels. To the downside immediate support might be located at 120 below that at 119.43 (May 11 Low) levels.