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30 Dec 2014
USD/JPY drops to fresh 1-week lows, holds above 119 handle
FXStreet (Mumbai) - The Japanese yen strengthened against the US dollar in the European morning, breaking below 120 levels, reaching a new one-week low.
Currently, the Japanese yen gained 0.90% against the US dollar and trades at 119.57 levels, having posted fresh daily high at 119.19 levels an hour ago. The USD/JPY pair broke below 120 handle, as risk-off mood re-emerged amid the deteriorating situation in Greece, sliding oil prices and global equities, which boosted the safe haven appeal in the Japanese yen. The fall in the USD/JPY pair was also exacerbated as the US dollar eased off from multi-year peaks reached in the Asian session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.09 (Dec 22 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.23 (Dec 18 Low) levels.
Currently, the Japanese yen gained 0.90% against the US dollar and trades at 119.57 levels, having posted fresh daily high at 119.19 levels an hour ago. The USD/JPY pair broke below 120 handle, as risk-off mood re-emerged amid the deteriorating situation in Greece, sliding oil prices and global equities, which boosted the safe haven appeal in the Japanese yen. The fall in the USD/JPY pair was also exacerbated as the US dollar eased off from multi-year peaks reached in the Asian session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.09 (Dec 22 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.23 (Dec 18 Low) levels.