19 Feb 2015
USD/JPY: Yen regains strength, hits session highs at 118.57
FXStreet (Mumbai) - USD/JPY erased previous gains and edged lower in the European morning following an extended weakness in US dollar and strong Japanese exports numbers.
USD/JPY slips from 118.79 levels
Currently, the USD/JPY trades lower by -0.13% at 118.62 levels, having posted fresh session lows at 118.57 few minutes ago. The pair trades weak after a softer dollar added to yen strengthening. US Fed minutes released overnight revealed that US central bank officials are willing to wait a bit longer with a rate hike, which dragged the dollar across the board.
The yen also remains supported by upbeat Japanese exports data, which surged for the fifth month in a row and contributed to cutting Japan's trade deficit by more than half in January.
Meanwhile, traders now shift their attention towards a set of US macro data due for release later in the day for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.67 (50-DMA) levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 118.43 (20-DMA) levels, below that at 118 levels.
USD/JPY slips from 118.79 levels
Currently, the USD/JPY trades lower by -0.13% at 118.62 levels, having posted fresh session lows at 118.57 few minutes ago. The pair trades weak after a softer dollar added to yen strengthening. US Fed minutes released overnight revealed that US central bank officials are willing to wait a bit longer with a rate hike, which dragged the dollar across the board.
The yen also remains supported by upbeat Japanese exports data, which surged for the fifth month in a row and contributed to cutting Japan's trade deficit by more than half in January.
Meanwhile, traders now shift their attention towards a set of US macro data due for release later in the day for fresh incentives on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.67 (50-DMA) levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 118.43 (20-DMA) levels, below that at 118 levels.