8 May 2015
USD/JPY fights for the 120.00 again
FXStreet (Tokyo) - The US dollar is trading higher against the Japanese yen and now the USD/JPY is trading as high as 120.05, just the daily R1. Pair is advancing as speculations over more BoJ easing measures are dragging down the yen.
Currently, USD/JPY is trading at 120.01, up 0.23% on the day, having posted a daily high at 120.07 and low at 119.59. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
USD/JPY forecast
As Mike Paterson from Forelive commented recently, there are options expiries at "119.00 (USD 1.25bln) 120.00 (927m) 120.50 (1bln) 121.25 (478m)," at today's cut.
As for technical levels, if the pair consolidates levels above 120.00, next resistances are at 120.30, 120.50 and 120.80. To the downside, supports are at 119.80, 119.50 and 119.10.
Currently, USD/JPY is trading at 120.01, up 0.23% on the day, having posted a daily high at 120.07 and low at 119.59. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
USD/JPY forecast
As Mike Paterson from Forelive commented recently, there are options expiries at "119.00 (USD 1.25bln) 120.00 (927m) 120.50 (1bln) 121.25 (478m)," at today's cut.
As for technical levels, if the pair consolidates levels above 120.00, next resistances are at 120.30, 120.50 and 120.80. To the downside, supports are at 119.80, 119.50 and 119.10.