27 Aug 2015
USD/JPY dips to lows near 119.80
FXStreet (Mumbai) - USD/JPY shaved-off gains from Asia and now turned in the negative territory ahead of Europe open as the US dollar ran through fresh offers after the European traders hit their desks this morning.
USD/JPY gives up 120 handle
Currently, the USD/JPY pair trades modestly flat at fresh session low of 119.82, failing to resist 120 barrier. The major reversed gains and fell into the red as traders preferred to lock-in gains on their USD longs ahead of the much await US GDP results for the second quarter.
On Wednesday, US dollar soared against its major rivals after that the strong rise in US firms' investment levels sapped some speculation that the Fed may not hike rates in Sept due to recent market volatility.
Later in the session, US Q2 GDP figures from the US are due, which may have major impact on the USD/JPY pair ahead of a slew of Japan’s macro releases due tomorrow.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.28 (Aug 26 High) levels and above which it could extend gains 120.41 (Aug 25 High) levels. To the downside immediate support might be located at 119 below that at 118.43 (Aug 26 Low).
USD/JPY gives up 120 handle
Currently, the USD/JPY pair trades modestly flat at fresh session low of 119.82, failing to resist 120 barrier. The major reversed gains and fell into the red as traders preferred to lock-in gains on their USD longs ahead of the much await US GDP results for the second quarter.
On Wednesday, US dollar soared against its major rivals after that the strong rise in US firms' investment levels sapped some speculation that the Fed may not hike rates in Sept due to recent market volatility.
Later in the session, US Q2 GDP figures from the US are due, which may have major impact on the USD/JPY pair ahead of a slew of Japan’s macro releases due tomorrow.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.28 (Aug 26 High) levels and above which it could extend gains 120.41 (Aug 25 High) levels. To the downside immediate support might be located at 119 below that at 118.43 (Aug 26 Low).