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15 May 2015
USD/JPY rejected at 119.50
FXStreet (Mumbai) - The US dollar stalled its advance and retraced slightly against the Japanese yen in the mid-Asian session, with USD/JPY facing rejection at 119.50 – crucial psychological levels, after a sudden spurt of USD buying pushed the major higher.
USD/JPY extends beyond 119
Currently, the USD/JPY pair trades higher by 0.13% at 119.32, having posted day’s high at 119.49 and day’s low at 119.16. USD/JPY advanced in an attempt to breach 119.50 levels, only to get rejected from the last and eases-off highs amid lack of fresh triggers in a quiet Asia.
The USD/JPY pair edged higher largely as the traders resorted to profit-booking on their USD shorts after the pair dipped below 119 handle and made lows of 118.86 in the previous session. The latest jobs data from the US did little to lift the greenback from near three-month lows.
The dollar index, which measures the currency's strength against its major peers, remains near fresh three month lows at 93.47, up 0.07% on the day.
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.61 (50-DMA) levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.
USD/JPY extends beyond 119
Currently, the USD/JPY pair trades higher by 0.13% at 119.32, having posted day’s high at 119.49 and day’s low at 119.16. USD/JPY advanced in an attempt to breach 119.50 levels, only to get rejected from the last and eases-off highs amid lack of fresh triggers in a quiet Asia.
The USD/JPY pair edged higher largely as the traders resorted to profit-booking on their USD shorts after the pair dipped below 119 handle and made lows of 118.86 in the previous session. The latest jobs data from the US did little to lift the greenback from near three-month lows.
The dollar index, which measures the currency's strength against its major peers, remains near fresh three month lows at 93.47, up 0.07% on the day.
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.61 (50-DMA) levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.