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23 Apr 2015
USD/JPY wavers around 120
FXStreet (Mumbai) - USD/JPY trades around a flat line in mid-Asian session, albeit extending its recovery mode from yesterday, largely on the back of broad US dollar strength supported by latest upbeat US macro data.
USD/JPY trades circa 50-DMA
Currently, the USD/JPY pair trades flat at 120 levels, hovering near session lows at 119.93. The USD/JPY pair remains mildly in green, consolidating previous gains in a 20-pips range, as the US dollar was boosted after the latest impressive US existing home sales data raised hopes of a stronger US economic recovery holding ground. This fuelled sooner rate-hike bets pushing the treasury yields higher.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades near session highs around 98.44, recording a 0.20% gain on the day.
Looking ahead, we have weekly figures for initial jobless claims and an update on new home sales for today. Durable goods orders will attract traders on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.19 (April 14 High) levels and above which it could extend gains 120.45 (April 7 High) levels. To the downside immediate support might be located at 119.63 (20-DMA) below that at 119.54 (5-DMA) levels.
USD/JPY trades circa 50-DMA
Currently, the USD/JPY pair trades flat at 120 levels, hovering near session lows at 119.93. The USD/JPY pair remains mildly in green, consolidating previous gains in a 20-pips range, as the US dollar was boosted after the latest impressive US existing home sales data raised hopes of a stronger US economic recovery holding ground. This fuelled sooner rate-hike bets pushing the treasury yields higher.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades near session highs around 98.44, recording a 0.20% gain on the day.
Looking ahead, we have weekly figures for initial jobless claims and an update on new home sales for today. Durable goods orders will attract traders on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.19 (April 14 High) levels and above which it could extend gains 120.45 (April 7 High) levels. To the downside immediate support might be located at 119.63 (20-DMA) below that at 119.54 (5-DMA) levels.