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26 Jan 2015
USD/JPY posts fresh session highs, touches 118
FXStreet (Mumbai) - The Japanese yen shaved off previous gains and edged lower against the US dollar in the early European morning as Greece elections induced risk-off environment faded.
Currently, the USD/JPY trades at fresh daily highs posted at 118 levels, up 0.17% on the day. The yen wiped out previous gains versus the USD as markets now turn their focus on the US Federal Reserve two-day meeting concluding later this week for fresh cues on the pair.
The yen strengthened against the US dollar earlier in the day after Japan's trade gap narrowed in December in a positive sign for the country's economy. Exports jumped 12.9% year-on-year in December, compared with just 4.9% in November, outpacing the forecast of an 11.2% rise in exports.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.27 (Jan 25 High) levels, below that at 117 levels.
Currently, the USD/JPY trades at fresh daily highs posted at 118 levels, up 0.17% on the day. The yen wiped out previous gains versus the USD as markets now turn their focus on the US Federal Reserve two-day meeting concluding later this week for fresh cues on the pair.
The yen strengthened against the US dollar earlier in the day after Japan's trade gap narrowed in December in a positive sign for the country's economy. Exports jumped 12.9% year-on-year in December, compared with just 4.9% in November, outpacing the forecast of an 11.2% rise in exports.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.27 (Jan 25 High) levels, below that at 117 levels.