23 Dec 2014
USD/JPY steady above 120.00
FXStreet (Mumbai) - The Japanese Yen has steadied itself above 120.00 levels per US dollar, despite slight weakness in the US treasury yields.
The USD/JPY pair now trades 0.10% higher at 120.17, compared to the previous session’s close at 120.06 levels. Moreover, the Yen is down for the fifth consecutive day on the reduced safe haven demand and on the expectations that the official data in the US due today will show an upward revision of economic growth and a rise in the durable goods orders.
The demand for the US dollar increased further after Standard & Poor’s raised its forecast for U.S. gross domestic product in 2015, saying lower oil prices may boost consumer spending.
USD/JPY Technical Levels
The pair has an immediate support located at 120.06, under which losses could be extended to 119.70 (hourly 50-SMA) levels. On the other hand, resistance is located at 120.26 and 120.92 levels.
The USD/JPY pair now trades 0.10% higher at 120.17, compared to the previous session’s close at 120.06 levels. Moreover, the Yen is down for the fifth consecutive day on the reduced safe haven demand and on the expectations that the official data in the US due today will show an upward revision of economic growth and a rise in the durable goods orders.
The demand for the US dollar increased further after Standard & Poor’s raised its forecast for U.S. gross domestic product in 2015, saying lower oil prices may boost consumer spending.
USD/JPY Technical Levels
The pair has an immediate support located at 120.06, under which losses could be extended to 119.70 (hourly 50-SMA) levels. On the other hand, resistance is located at 120.26 and 120.92 levels.