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31 Mar 2015
USD/JPY back above 120.00 after US confidence data
FXStreet (Córdoba) - USD/JPY managed to recover from daily lows and climbed back above the 120 mark at the beginning of the American session following stronger than expected US consumer confidence data and hawkish comments from Fed’s Lacker.
US consumer confidence index jumped to 101.3 in March from 98.8 the previous month and beating expectations of 96.0. USD/JPY rose back above 120.00 toward a session high of 120.14 following the upbeat report. At time of writing, the pair is trading at the 120.10 area, little changed on the day.
Meanwhile, Richmond Fed President Jeffrey Lacker said the Federal Reserve will have a "strong" case to hike interest rates in June, which also helped the US dollar across the board.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 119.77 (200-hour SMA), 119.45 (100-hour SMA) and 119.10 (Mar 30 low). On the flip side, resistances line up at 120.35 (daily high/21-day SMA), 121.00 (psychological level) and 121.19 (Mar 20 high).
US consumer confidence index jumped to 101.3 in March from 98.8 the previous month and beating expectations of 96.0. USD/JPY rose back above 120.00 toward a session high of 120.14 following the upbeat report. At time of writing, the pair is trading at the 120.10 area, little changed on the day.
Meanwhile, Richmond Fed President Jeffrey Lacker said the Federal Reserve will have a "strong" case to hike interest rates in June, which also helped the US dollar across the board.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 119.77 (200-hour SMA), 119.45 (100-hour SMA) and 119.10 (Mar 30 low). On the flip side, resistances line up at 120.35 (daily high/21-day SMA), 121.00 (psychological level) and 121.19 (Mar 20 high).