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31 Dec 2014
USD/JPY extends losses, holds above 20-DMA
FXStreet (Mumbai) - The Japanese yen continued its upward trajectory against the US dollar today, trading near one week high levels.
Currently, the Japanese yen gained 1% against the US dollar and trades at 119.45 levels, having posted daily high at 119.25 in the early Asian morning. The USD/JPY pair broke below 119 handle in the previous session, as negative sentiments in the markets faded demand for riskier assets and boosted safe-haven bids for the yen. The closing of short-yen positions after recent long rally witnessed in the pair also contributed to further gains in the Japanese currency against the US dollar.
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 Japanese yen gained 1% against the US dollar and trades at 119.45 levels, having posted daily high at 119.25 in the early Asian morning. The USD/JPY pair broke below 119 handle in the previous session, as negative sentiments in the markets faded demand for riskier assets and boosted safe-haven bids for the yen. The closing of short-yen positions after recent long rally witnessed in the pair also contributed to further gains in the Japanese currency against the US dollar.
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.