26 May 2015
USD/JPY extends beyond 121.80 – at fresh 2-month highs
FXStreet (Mumbai) - The US dollar accelerated gains and reached fresh two month highs versus the Japanese counterpart in the late-Asian trades, driving USD/JPY closer to 122 handle. The major extends gains as the US dollar was caught by a strong bid wave ahead of Europe open.
USD/JPY rises from 121.75
Currently, the USD/JPY pair trades 0.25% higher at fresh two month highs of 121.87, inching gradually towards 122 levels. The USD/JPY prolongs its upwards moves mainly driven by rising US dollar, boosted by increased expectations of a rate hike in 2015 and renewed buying as traders now enter a data-empty European session.
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. The headline durable goods is expected to come in 0.5% lower, while the ex-transportation reading should rebound 0.4% on a monthly basis.
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 rises from 121.75
Currently, the USD/JPY pair trades 0.25% higher at fresh two month highs of 121.87, inching gradually towards 122 levels. The USD/JPY prolongs its upwards moves mainly driven by rising US dollar, boosted by increased expectations of a rate hike in 2015 and renewed buying as traders now enter a data-empty European session.
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. The headline durable goods is expected to come in 0.5% lower, while the ex-transportation reading should rebound 0.4% on a monthly basis.
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.