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28 Aug 2015
USD/JPY gains momentum and approaches daily highs
FXStreet (Córdoba) - USD/JPY gained momentum despite a weak reading on US consumer confidence data and climbed above 121.00 and the hourly 20-SMA.
USD/JPY remains near post Monday highs
The pair moved in ranges during most of the European session between 120.70 and 120.95 but recently broke to the upside and reached 121.13. The highest level of the day was hit during the Asian session at 121.32.
Currently it trades at 121.00/05, around the same level it closed yesterday. The decline from yesterday’s highs found support at 120.60. The bearish correction has been limited and USD/JPY remains near the highs of the recovery that followed the collapse of the pair on Monday, when it fell from 121.90 to 116.10.
USD/JPY levels to watch
To the upside, the level to watch over the next hour is 121.30/40, that capped the upside yesterday and today, above the next resistance could be located at 121.75/80 and 122.35. On the opposite direction, below 120.90, greenback could lose momentum and support level might lie at 120.65 (daily low), 120.35 and 119.75.
USD/JPY remains near post Monday highs
The pair moved in ranges during most of the European session between 120.70 and 120.95 but recently broke to the upside and reached 121.13. The highest level of the day was hit during the Asian session at 121.32.
Currently it trades at 121.00/05, around the same level it closed yesterday. The decline from yesterday’s highs found support at 120.60. The bearish correction has been limited and USD/JPY remains near the highs of the recovery that followed the collapse of the pair on Monday, when it fell from 121.90 to 116.10.
USD/JPY levels to watch
To the upside, the level to watch over the next hour is 121.30/40, that capped the upside yesterday and today, above the next resistance could be located at 121.75/80 and 122.35. On the opposite direction, below 120.90, greenback could lose momentum and support level might lie at 120.65 (daily low), 120.35 and 119.75.