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7 Jan 2015
USD/JPY stabilizes below 119 handle
FXStreet (Mumbai) - The Japanese yen surrendered this week’s gains versus the US counterpart and edged lower in a quiet late Asian session.
Currently, the USD/JPY pair traded at 118.98, up 0.45%, after having clocked intraday high at 119.17 levels earlier in the day. The US dollar lost ground versus the yen in the US trading after the US services PMI missed estimates. The pace of growth in the US services sector slowed to a 14-month low in December. However, USD/JPY recovered on risk-on trades amid stabilizing Asian equities and ahead of US Fed Meetings minutes later in the day which is expected to be slightly dovish.
Investors will be turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labour market.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.20 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118 levels, below that at 117.54 (Dec 15 Low) levels.
Currently, the USD/JPY pair traded at 118.98, up 0.45%, after having clocked intraday high at 119.17 levels earlier in the day. The US dollar lost ground versus the yen in the US trading after the US services PMI missed estimates. The pace of growth in the US services sector slowed to a 14-month low in December. However, USD/JPY recovered on risk-on trades amid stabilizing Asian equities and ahead of US Fed Meetings minutes later in the day which is expected to be slightly dovish.
Investors will be turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labour market.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.20 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118 levels, below that at 117.54 (Dec 15 Low) levels.