13 Jan 2015
USD/JPY forms a Doji on daily charts; looks for fresh direction
FXStreet (Mumbai) - USD/JPY swung between gains and losses in the Asian session and trades flat now as traders look for fresh cues heading into the European opening bells.
Currently, the USD/JPY pair traded almost unchanged at 118.32, rebounding from fresh one-month low at 117.74 levels hit earlier in the day. The US dollar gave up previous gains and trades modestly flat as markets await fresh triggers amid uncertainty in global markets and falling oil prices to fresh 6-year lows. However, downside pressure may persist in the pair as investors are likely to seek safety in yen amid global markets turmoil.
Moreover, Japanese five-year government bond yields fell to zero for the first time on record today, provided yet another sign that investors are turning more risk-averse.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.63 (5-DMA) levels and above which it could extend gains 119.05 (50-DMA) levels. To the downside immediate support might be located at 117.54 (Dec 15 Low) levels, below that at 117.22 (Nov 27 Low) levels.
Currently, the USD/JPY pair traded almost unchanged at 118.32, rebounding from fresh one-month low at 117.74 levels hit earlier in the day. The US dollar gave up previous gains and trades modestly flat as markets await fresh triggers amid uncertainty in global markets and falling oil prices to fresh 6-year lows. However, downside pressure may persist in the pair as investors are likely to seek safety in yen amid global markets turmoil.
Moreover, Japanese five-year government bond yields fell to zero for the first time on record today, provided yet another sign that investors are turning more risk-averse.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.63 (5-DMA) levels and above which it could extend gains 119.05 (50-DMA) levels. To the downside immediate support might be located at 117.54 (Dec 15 Low) levels, below that at 117.22 (Nov 27 Low) levels.