11 Dec 2014
USD/JPY rebounds, trades above 118 levels
FXStreet (Mumbai) - The US dollar regained ground against the Japanese Yen and bounced back in Asian session ahead of a string of US economic data to be released later in the day.
At time of writing, USD/JPY trades lower at 118.27 levels, up 0.35% on the day, close to day’s high of 118.33 levels. The Japanese yen lost steam against the US counterpart after weaker than expected Japanese Machinery orders dragged the yen lower.
Moreover, the USD/JPY pair remains supported as the US dollar regains strength against most of its major peers, ahead of US retail sales and unemployment claims data.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.14 (Dec 1 High) levels and above which it could extend gains to 119.89 (Dec 3 High) levels. To the downside immediate support might be located at 118.20 (Dec 2 Low), below that at 117.93 (Dec 9 Low) levels.
At time of writing, USD/JPY trades lower at 118.27 levels, up 0.35% on the day, close to day’s high of 118.33 levels. The Japanese yen lost steam against the US counterpart after weaker than expected Japanese Machinery orders dragged the yen lower.
Moreover, the USD/JPY pair remains supported as the US dollar regains strength against most of its major peers, ahead of US retail sales and unemployment claims data.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.14 (Dec 1 High) levels and above which it could extend gains to 119.89 (Dec 3 High) levels. To the downside immediate support might be located at 118.20 (Dec 2 Low), below that at 117.93 (Dec 9 Low) levels.