26 May 2015
USD/JPY testing fresh 2-months highs near 121.80
FXStreet (Mumbai) - The US dollar extends winning streak for the third straight session versus the Japanese counterpart in the mid-Asian trades, lifting USD/JPY to a new two month high beyond 121 handle. The major gained fresh momentum amid calm markets mainly driven by strengthening US dollar on the back of increased bets on a 2015 Fed rate lift-off.
USD/JPY supported above 5-DMA
Currently, the USD/JPY pair trades 0.17% higher at 121.78, inching gradually towards 122 levels. The USD/JPY pair was well bid in Asia largely on the back of rising US dollar versus its major competitors, riding higher on upbeat macro releases boosting expectations of a September rate hike.
However, the gains in the pair may remain capped as the yen may receive support from uncertainties surrounding Greece debt repayments to IMF which is likely to spur safe have bids for the Japanese currency.
Meanwhile, markets now turn their focus towards a host of US economic data including US durable goods orders due to be reported later in the day for further USD moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 122.03 (March 10 High) levels and above which it could extend gains 122.50 levels. To the downside immediate support might be located at 121.49 (5-DMA) below that at 121.11 (March 19 Low) levels.
USD/JPY supported above 5-DMA
Currently, the USD/JPY pair trades 0.17% higher at 121.78, inching gradually towards 122 levels. The USD/JPY pair was well bid in Asia largely on the back of rising US dollar versus its major competitors, riding higher on upbeat macro releases boosting expectations of a September rate hike.
However, the gains in the pair may remain capped as the yen may receive support from uncertainties surrounding Greece debt repayments to IMF which is likely to spur safe have bids for the Japanese currency.
Meanwhile, markets now turn their focus towards a host of US economic data including US durable goods orders due to be reported later in the day for further USD moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 122.03 (March 10 High) levels and above which it could extend gains 122.50 levels. To the downside immediate support might be located at 121.49 (5-DMA) below that at 121.11 (March 19 Low) levels.