Back
14 Jan 2015
USD/JPY posts fresh monthly lows, breaks below 117 handle
FXStreet (Mumbai) - The Japanese stormed its way higher versus the US dollar, breaking below the crucial support of 117 levels amid risk-off sentiment as traders see further declines in copper and oil prices.
Currently, the USD/JPY posts fresh one-month low at 116.91, down -0.85% on the day. The yen continues to strengthen against the US dollar as falling commodity prices, particularly oil, and muted stocks pushed traders to buy the safe-haven currency. Moreover, investors now turn their attention to the US retail sales report due later in the day, which may provide further momentum for the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 (5-DMA) levels and above which it could extend gains 118.38 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.
Currently, the USD/JPY posts fresh one-month low at 116.91, down -0.85% on the day. The yen continues to strengthen against the US dollar as falling commodity prices, particularly oil, and muted stocks pushed traders to buy the safe-haven currency. Moreover, investors now turn their attention to the US retail sales report due later in the day, which may provide further momentum for the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118 (5-DMA) levels and above which it could extend gains 118.38 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.