26 Mar 2015
USD/JPY: Yen near fresh monthly highs at 118.50
FXStreet (Mumbai) - The US dollar bashing extends further in the European session, dragging USD/JPY nearly 1% lower to fresh five week lows, on increased safe-haven demand for the Japanese currency amid ongoing geopolitical crisis between Yemen and Saudi Arabia.
USD/JPY extends freefall
Currently, the USD/JPY trades lower by -0.84% at fresh monthly lows posted at 118.33 levels some minutes ago. The yen extends its upward moves as the escalation of the situation in Yemen, with Saudi Arabia launching airstrikes has the world on high alert fuelling risk-off environment with investors’ looking for a safety net in the yen.
Moreover, USD/JPY remains pressured on a broad based US dollar sell-off ahead of tomorrow’s crucial US GDP data. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is drops -0.65% at 96.45 levels.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 118.20 levels, below that at 117.53 levels.
USD/JPY extends freefall
Currently, the USD/JPY trades lower by -0.84% at fresh monthly lows posted at 118.33 levels some minutes ago. The yen extends its upward moves as the escalation of the situation in Yemen, with Saudi Arabia launching airstrikes has the world on high alert fuelling risk-off environment with investors’ looking for a safety net in the yen.
Moreover, USD/JPY remains pressured on a broad based US dollar sell-off ahead of tomorrow’s crucial US GDP data. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies is drops -0.65% at 96.45 levels.
Meanwhile, traders now turn their attention towards a set of Japanese macro data to be released tomorrow for further cues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.52 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 118.20 levels, below that at 117.53 levels.