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19 Mar 2015
USD/JPY hovers around 120.50
FXStreet (Mumbai) - The US dollar swung higher versus the Japanese counterpart ahead of Europe open, boosting USD/JPY to fresh daily highs above 120.60, the US dollar corrected heavy losses from the previous session after the yen jumped to fresh three week highs on FOMC.
USD/JPY holds above 20-DMA
Currently, the USD/JPY trades 0.35% higher at 120.54 levels, retreating from fresh daily high reached at 120.63 in the Asian session. USD/JPY defends gains and remains firm largely on the back of a strong pullback seen in the greenback across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies currently trades 1.12% higher at 98.47, rebounding from fresh three week lows of 94.77 reached in the previous session.
The USD/JPY pair slumped to fresh three week lows in reaction to the FOMC statement released, which dropped the word ‘patient’. However, policymakers tried to cool expectations of an imminent rate hike this year, by emphasizing that the path for interest rates is still very much data dependent, which pushed the treasury yields lower and hence dragging down the US dollar across the board.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.42 levels. To the downside immediate support might be located at 120 levels, below that at 119.69 (Today’s Low) levels.
USD/JPY holds above 20-DMA
Currently, the USD/JPY trades 0.35% higher at 120.54 levels, retreating from fresh daily high reached at 120.63 in the Asian session. USD/JPY defends gains and remains firm largely on the back of a strong pullback seen in the greenback across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies currently trades 1.12% higher at 98.47, rebounding from fresh three week lows of 94.77 reached in the previous session.
The USD/JPY pair slumped to fresh three week lows in reaction to the FOMC statement released, which dropped the word ‘patient’. However, policymakers tried to cool expectations of an imminent rate hike this year, by emphasizing that the path for interest rates is still very much data dependent, which pushed the treasury yields lower and hence dragging down the US dollar across the board.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.42 levels. To the downside immediate support might be located at 120 levels, below that at 119.69 (Today’s Low) levels.