26 Aug 2015
USD/JPY: Fades a spike to 119.80
FXStreet (Mumbai) - The US dollar paused its upswing and consolidates at higher levels versus its Japanese counterpart in the early trades, keeping USD/JPY supported above 119.50, as the greenback remains underpinned on ripening risk sentiment as China stocks stage a solid comeback boosting investors risk appetite.
USD/JPY extends beyond 119.50
Currently, the USD/JPY pair trades 0.65% higher at fresh session highs of 119.62, quickly easing-off fresh session highs at 119.83. The major remained boosted on increasing demand for the US dollar as a risk currency amid improving risk sentiment as China turns in the green after five consecutive days of massive declines.
Also, rebounding oil prices and the recent upbeat US economic updates also added to the positive sentiment around the US currency, lifting USD/JPY higher.
Later in the session, US durable goods orders data from the US is due, which may lead the direction for further USD moves. While FOMC member Dudley’s speech will also be closely watched.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.41 (Aug 25 High) levels and above which it could extend gains 120.80 levels. To the downside immediate support might be located at 118.58 (Today’s Low) below that at 118.23 (Aug 25 Low).
USD/JPY extends beyond 119.50
Currently, the USD/JPY pair trades 0.65% higher at fresh session highs of 119.62, quickly easing-off fresh session highs at 119.83. The major remained boosted on increasing demand for the US dollar as a risk currency amid improving risk sentiment as China turns in the green after five consecutive days of massive declines.
Also, rebounding oil prices and the recent upbeat US economic updates also added to the positive sentiment around the US currency, lifting USD/JPY higher.
Later in the session, US durable goods orders data from the US is due, which may lead the direction for further USD moves. While FOMC member Dudley’s speech will also be closely watched.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.41 (Aug 25 High) levels and above which it could extend gains 120.80 levels. To the downside immediate support might be located at 118.58 (Today’s Low) below that at 118.23 (Aug 25 Low).