13 Feb 2015
USD/JPY sinks to fresh lows below 118.50
FXStreet (Mumbai) - The yen stood stronger ahead of the Europe open, riding high on the broad based US dollar weakness after soft US retail sales and unemployment claims data raised concerns over Fed rate hike timing.
Trades below 10-DMA located at 118.65 levels
Currently, the USD/JPY traded lower by -0.47% at 118.56 levels, retreating slightly from fresh session lows hit at 118.42 levels some time ago. The yen extended its bullish momentum versus the greenback after renewed sell-off was triggered in the US dollar across the board.
Moreover, the yen continues to remain buoyed against its US counterpart following the news in the previous session that the Bank of Japan (BoJ) won’t implement any further quantitative easing measures, as it sees the move counterproductive.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.63 levels. To the downside immediate support might be located at 118.23 (20-DMA) levels, below that at 118 levels.
Trades below 10-DMA located at 118.65 levels
Currently, the USD/JPY traded lower by -0.47% at 118.56 levels, retreating slightly from fresh session lows hit at 118.42 levels some time ago. The yen extended its bullish momentum versus the greenback after renewed sell-off was triggered in the US dollar across the board.
Moreover, the yen continues to remain buoyed against its US counterpart following the news in the previous session that the Bank of Japan (BoJ) won’t implement any further quantitative easing measures, as it sees the move counterproductive.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.63 levels. To the downside immediate support might be located at 118.23 (20-DMA) levels, below that at 118 levels.