3 Feb 2015
USD/JPY posts fresh session lows, 116 eyed
FXStreet (Mumbai) - USD/JPY fell further in the mid-Asian session, breaking below the 117 threshold as USD bulls remained on back burner after RBA’s decision fuelled risk-off trading.
Breaks below 117
Currently, the USD/JPY posts fresh session lows at 116.88 levels, down -0.55% on the day, having posted day’s high at 117.63 levels. RBA joining the other global counterparts in the easing policy regime reignited fears over global growth outlook, boosting demand for safe haven assets such as yen.
The yen also strengthened versus the greenback after a weak US manufacturing and consumer confidence data released in the last US session, dragged the USD lower. Moreover, reducing risk appetite as markets remain jittery over a standoff between Euro zone and Greece also supported the Japanese currency.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.63 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 116.50 levels, below that at 116 levels.
Breaks below 117
Currently, the USD/JPY posts fresh session lows at 116.88 levels, down -0.55% on the day, having posted day’s high at 117.63 levels. RBA joining the other global counterparts in the easing policy regime reignited fears over global growth outlook, boosting demand for safe haven assets such as yen.
The yen also strengthened versus the greenback after a weak US manufacturing and consumer confidence data released in the last US session, dragged the USD lower. Moreover, reducing risk appetite as markets remain jittery over a standoff between Euro zone and Greece also supported the Japanese currency.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.63 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 116.50 levels, below that at 116 levels.