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22 Apr 2015
USD/JPY: On its way to 100-DMA?
FXStreet (Mumbai) - The US dollar remains relentlessly sold-off against the yen in the early European trades, knocking-off USD/JPY to fresh session lows at 119.36, mainly driven by resumption of bearish tone in the US dollar against its major competitors.
USD/JPY near fresh session lows
Currently, the USD/JPY pair trades -0.24% lower at 119.40 levels, hovering near fresh session lows at 119.36. The USD/JPY pair dived deeper in red during the mid-European session as the US dollar extends its broad based sell-off, weighed by falling yields on the longer duration and shorter duration US treasuries.
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 97.61 and now trades at 97.72, recording a -0.50% loss on the day.
Looking ahead, the report on existing home sales is scheduled for today which may bring in further momentum, 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 119.29 (100-DMA) below that at 118.76 (April 15 Low) levels.
USD/JPY near fresh session lows
Currently, the USD/JPY pair trades -0.24% lower at 119.40 levels, hovering near fresh session lows at 119.36. The USD/JPY pair dived deeper in red during the mid-European session as the US dollar extends its broad based sell-off, weighed by falling yields on the longer duration and shorter duration US treasuries.
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 97.61 and now trades at 97.72, recording a -0.50% loss on the day.
Looking ahead, the report on existing home sales is scheduled for today which may bring in further momentum, 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 119.29 (100-DMA) below that at 118.76 (April 15 Low) levels.