7 Sep 2015
USD/JPY trims gains near 119.30, Shanghai back in red
FXStreet (Mumbai) - USD/JPY consolidates to the upside below 119.40 levels in the European morning, as the US dollar seems to have regained lost footing amid rebounding risk sentiment and thin trading as US remains closed today on account of Labour Day.
USD/JPY supported above 119 handle
Currently, the USD/JPY pair trades 0.20% lower at 119.27, retracing from 119.50 levels seen in late-Asia. The USD/JPY pair trims gains as the Chinese markets falling back in to the red, eased risk-on trades slightly, thus offering some respite to the JPY bulls.
Chinese equity markets set the tone for Monday and opened with solid gains only to erase them all and resume its downside bias. The China benchmark index, SSEC now drops -1.50% to 3115 levels.
Later today, markets are expected to be calm amid no economic news from the Euro zone economies while the US session is also expected to absolutely dry with US markets on a holiday.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 119.59 (Today’s High) levels and above which it could extend 120.19 (Sept 4 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).
USD/JPY supported above 119 handle
Currently, the USD/JPY pair trades 0.20% lower at 119.27, retracing from 119.50 levels seen in late-Asia. The USD/JPY pair trims gains as the Chinese markets falling back in to the red, eased risk-on trades slightly, thus offering some respite to the JPY bulls.
Chinese equity markets set the tone for Monday and opened with solid gains only to erase them all and resume its downside bias. The China benchmark index, SSEC now drops -1.50% to 3115 levels.
Later today, markets are expected to be calm amid no economic news from the Euro zone economies while the US session is also expected to absolutely dry with US markets on a holiday.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 119.59 (Today’s High) levels and above which it could extend 120.19 (Sept 4 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).