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20 Apr 2015
USD/JPY hovers around 119.00
FXStreet (Córdoba) - USD/JPY bounced off a 1-month low and cut early losses, although the recovery lost momentum at the 100-hour SMA, confining the pair to a phase of consolidation.
USD/JPY hit its lowest level in nearly a month at 118.52 on Monday after losing more than 200 pips over the last week, weighed by a string of weak US data and comments from Japan’s officials about the fair value of the yen.
However, USD/JPY found buyers and managed to climb back above the 119 mark to a daily high of 119.13 before finding resistance at the 100-hour SMA. At time of writing, the pair is trading at 119.05, still up 0.13% on the day.
USD/JPY technical levels
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet noted that the downside remains favoured, with immediate supports at 118.90, 118.50 and 118.15. On the other hand, she places resistances at 119.35, 119.80 and 120.10.
USD/JPY hit its lowest level in nearly a month at 118.52 on Monday after losing more than 200 pips over the last week, weighed by a string of weak US data and comments from Japan’s officials about the fair value of the yen.
However, USD/JPY found buyers and managed to climb back above the 119 mark to a daily high of 119.13 before finding resistance at the 100-hour SMA. At time of writing, the pair is trading at 119.05, still up 0.13% on the day.
USD/JPY technical levels
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet noted that the downside remains favoured, with immediate supports at 118.90, 118.50 and 118.15. On the other hand, she places resistances at 119.35, 119.80 and 120.10.