9 Dec 2014
USD/JPY back under 120 levels
FXStreet (Mumbai) - The Japanese yen reversed its downtrend and regained a strong footing against the US counterpart as the US dollar eased from multi year highs against major currencies.
At time of writing, USD/JPY trades at 119.84, down -0.74% on the day, after hitting a high of 121 in the early Asian hours. The Japanese yen rebounded as a correction was expected in the USD/JPY pair.
Moreover, the US dollar index, which measures the greenback against a basket of six major currencies, retreated from the strongest level since March 2009 to trade at 88.95, down by -0.10%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.48 (10-day SMA) levels and above which it could extend gains to 120.95 (50-day SMA) levels. To the downside immediate support might be located at 119.36 (200-day SMA), below that at 119.09 (Dec 3 Low) levels.
At time of writing, USD/JPY trades at 119.84, down -0.74% on the day, after hitting a high of 121 in the early Asian hours. The Japanese yen rebounded as a correction was expected in the USD/JPY pair.
Moreover, the US dollar index, which measures the greenback against a basket of six major currencies, retreated from the strongest level since March 2009 to trade at 88.95, down by -0.10%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.48 (10-day SMA) levels and above which it could extend gains to 120.95 (50-day SMA) levels. To the downside immediate support might be located at 119.36 (200-day SMA), below that at 119.09 (Dec 3 Low) levels.