18 May 2015
USD/JPY wavers around 119.70
FXStreet (Mumbai) - The US dollar remains well bid versus its Japanese counterpart during the European session, with USD/JPY now steadying around 119.70 levels, largely on the back rising greenback across board, correcting heavy losses from Friday after discouraging US data pressured the US dollar.
USD/JPY retreats from 119.77 highs
Currently, the USD/JPY pair trades higher by 0.39% at 119.70, keeping gains intact albeit striving for 120 barrier. USD/JPY keeps gains as the US dollar is seen stabilizing at higher levels against its major rival with the DXY riding higher at 93.71, up 0.46% on the day.
More so, markets weigh slowing pace of recovery in Japan reflected by downbeat Japan’s industrial production data which dented the yen, adding to the gains in USD/JPY. Also, the upcoming Fed’s meetings minutes and US CPI figures are much awaited by markets for further direction on the pair.
On the macroeconomic front, there is nothing much to report in the day as the EUR calendar is absolutely dry while NAHB Housing Market Index is the only indicator to be reported in the American session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.77 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at119.27 (Today’s Low) below that at 119 levels.
USD/JPY retreats from 119.77 highs
Currently, the USD/JPY pair trades higher by 0.39% at 119.70, keeping gains intact albeit striving for 120 barrier. USD/JPY keeps gains as the US dollar is seen stabilizing at higher levels against its major rival with the DXY riding higher at 93.71, up 0.46% on the day.
More so, markets weigh slowing pace of recovery in Japan reflected by downbeat Japan’s industrial production data which dented the yen, adding to the gains in USD/JPY. Also, the upcoming Fed’s meetings minutes and US CPI figures are much awaited by markets for further direction on the pair.
On the macroeconomic front, there is nothing much to report in the day as the EUR calendar is absolutely dry while NAHB Housing Market Index is the only indicator to be reported in the American session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.77 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at119.27 (Today’s Low) below that at 119 levels.