26 Mar 2015
USD/JPY hits fresh 4-week lows below 119
FXStreet (Mumbai) - USD/JPY extends its downside correction trend in the mid-Asian session, as the yen continues to smash the US dollar on heightened risk-off sentiments sparked by Saudi Arabia’s news while traders await Japan’s CPI figures due tomorrow.
USD/JPY breaches 119
Currently, the USD/JPY trades lower by -0.36% at fresh monthly lows posted at 118.99 levels few minutes. USD/JPY extends losses in Asia, largely on the back of reports that Saudi Arabia initiates bombing targets on Yemen which sparked risk-off moods. Hence, investors flocked to safety in the safe-haven asset such as the Japanese yen.
Moreover, USD/JPY remains pressured as traders continue to weigh Chicago Fed President Evans’ dovish comments along with the disappointing durable goods orders report released in the US last session.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow followed by the crucial US GDP numbers for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 118.80 levels, below that at 118.50 levels.
USD/JPY breaches 119
Currently, the USD/JPY trades lower by -0.36% at fresh monthly lows posted at 118.99 levels few minutes. USD/JPY extends losses in Asia, largely on the back of reports that Saudi Arabia initiates bombing targets on Yemen which sparked risk-off moods. Hence, investors flocked to safety in the safe-haven asset such as the Japanese yen.
Moreover, USD/JPY remains pressured as traders continue to weigh Chicago Fed President Evans’ dovish comments along with the disappointing durable goods orders report released in the US last session.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow followed by the crucial US GDP numbers for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 118.80 levels, below that at 118.50 levels.