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31 Dec 2014
USD/JPY bounces-back, eyes 120 handle
FXStreet (Mumbai) - The US dollar rebounded against the Japanese yen from close to one week lows as US dollar bulls took lead in the slow European session as Japanese markets remains closed for an extended year-end holiday season.
Currently, the USD/JPY pair trades now at 119.66 levels, up 0.16% on the day, bouncing off from day’s low of 119.25 levels hit in the Asian session. The Japanese yen erased gains on rising demand for US dollar ahead of year-end holidays. Moreover, US dollar’s recovery versus other major currencies also contributed to the gains in the USD/JPY pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.09 (Dec 22 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118.84 (Dec 30 Low) levels, below that at 118.23 (Dec 18 Low) levels.
Currently, the USD/JPY pair trades now at 119.66 levels, up 0.16% on the day, bouncing off from day’s low of 119.25 levels hit in the Asian session. The Japanese yen erased gains on rising demand for US dollar ahead of year-end holidays. Moreover, US dollar’s recovery versus other major currencies also contributed to the gains in the USD/JPY pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.09 (Dec 22 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118.84 (Dec 30 Low) levels, below that at 118.23 (Dec 18 Low) levels.