28 Apr 2015
USD/JPY frozen above 119.00
FXStreet (Mumbai) - The US dollar trades extends its side trend against the Japanese yen in the early European morning, keeping USD/JPY stuck in the same range, as traders remain cautious as the Fed begins its 2-day policy meeting later today.
USD/JPY range game extends
Currently, the USD/JPY pair trades almost unchanged at 119.06, struggling below 119.20 highs. The USD/JPY pair continues to hover around 119.10 levels in last hours as traders refrain from creating any fresh positions ahead of Wednesday’s FOMC decision.
Also, tumbling retail sales figures also had limited impact on the yen which too slipped back from daily highs and remains muted versus the greenback. Retail sales plunged 9.7% y/y in March, according to the Ministry of Economy, Trade, and Industry (METI), coming in worse than the 7.4% decline in sales predicted by markets.
Meanwhile, the pair is seen consolidating previous losses after the US dollar weakened across the board following downbeat US services PMI reading which added to the recent series of weak US fundamentals.
Meanwhile, markets now turn their focus towards US consumer confidence numbers due later in the day and Wednesday’s FOMC statement for further momentum on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.44 (April 27 High) levels and above which it could extend gains 119.67 (April 24 High) levels. To the downside immediate support might be located at 118.75 (April 27 Low) below that at 118.51 (April 20 Low) levels.
USD/JPY range game extends
Currently, the USD/JPY pair trades almost unchanged at 119.06, struggling below 119.20 highs. The USD/JPY pair continues to hover around 119.10 levels in last hours as traders refrain from creating any fresh positions ahead of Wednesday’s FOMC decision.
Also, tumbling retail sales figures also had limited impact on the yen which too slipped back from daily highs and remains muted versus the greenback. Retail sales plunged 9.7% y/y in March, according to the Ministry of Economy, Trade, and Industry (METI), coming in worse than the 7.4% decline in sales predicted by markets.
Meanwhile, the pair is seen consolidating previous losses after the US dollar weakened across the board following downbeat US services PMI reading which added to the recent series of weak US fundamentals.
Meanwhile, markets now turn their focus towards US consumer confidence numbers due later in the day and Wednesday’s FOMC statement for further momentum on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.44 (April 27 High) levels and above which it could extend gains 119.67 (April 24 High) levels. To the downside immediate support might be located at 118.75 (April 27 Low) below that at 118.51 (April 20 Low) levels.