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22 Apr 2015
USD/JPY testing lows near 119.50
FXStreet (Mumbai) - The US dollar gave back gains from Tokyo open and turned negative against the yen, dragging USD/JPY to fresh session lows at 119.50 in late Asia, largely on the back of fresh selling witnessed in the US dollar versus its major competitors.
USD/JPY drops from 119.65
Currently, the USD/JPY pair trades -0.10% lower at 119.56 levels, hovering near fresh session lows at 119.50. The USD/JPY pair extends its choppy trend unable to find a clear direction as the greenback stalled its recovery and turned in red across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies dropped to fresh session lows at 98.14.
Moreover, yields on the longer duration and shorter duration US treasuries fell further in to losses which also pushed USD/JPY lower.
Looking ahead, the report on existing home sales is scheduled for today, while weekly figures for initial jobless claims and an update on new home sales are set for Thursday. Durable goods orders will attract traders on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.78 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119 below that at 118.76 (April 15 Low) levels.
USD/JPY drops from 119.65
Currently, the USD/JPY pair trades -0.10% lower at 119.56 levels, hovering near fresh session lows at 119.50. The USD/JPY pair extends its choppy trend unable to find a clear direction as the greenback stalled its recovery and turned in red across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies dropped to fresh session lows at 98.14.
Moreover, yields on the longer duration and shorter duration US treasuries fell further in to losses which also pushed USD/JPY lower.
Looking ahead, the report on existing home sales is scheduled for today, while weekly figures for initial jobless claims and an update on new home sales are set for Thursday. Durable goods orders will attract traders on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.78 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119 below that at 118.76 (April 15 Low) levels.