Back
11 Mar 2015
USD/JPY attempts a bounce to 121.50
FXStreet (Mumbai) - USD/JPY reversed previous losses and advanced in the mid-Asian session, as the US dollar regained lost ground and strengthened across the board reaching fresh multi-year peak.
Renewed USD strength pushes USD/JPY near highs
Currently, the USD/JPY trades higher by 0.20% at 121.38 levels, bouncing in an attempt to hit fresh session highs surpassing 121.44 levels. USD/JPY hovers near highs as the US dollar remained heavily bid across the board, taking the dollar index to fresh decade highs. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumped to fresh twelve year highs at 98.79 levels and now trades at 98.72, recording a 0.11% gain on the day.
Moreover, the yen remains pressured against the greenback after Japan's core machinery orders slipped in January adding to recent signs that Japan's recovery is a tepid one and bolstering the case of further policy support.
Japanese machinery orders, fell 1.7% m/m in January, partly offsetting December's 8.3% jump in orders, but coming in better than estimates of a 3.9% decline.
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 122.57 (Feb 2007 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.48 (10-DMA) levels.
Renewed USD strength pushes USD/JPY near highs
Currently, the USD/JPY trades higher by 0.20% at 121.38 levels, bouncing in an attempt to hit fresh session highs surpassing 121.44 levels. USD/JPY hovers near highs as the US dollar remained heavily bid across the board, taking the dollar index to fresh decade highs. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumped to fresh twelve year highs at 98.79 levels and now trades at 98.72, recording a 0.11% gain on the day.
Moreover, the yen remains pressured against the greenback after Japan's core machinery orders slipped in January adding to recent signs that Japan's recovery is a tepid one and bolstering the case of further policy support.
Japanese machinery orders, fell 1.7% m/m in January, partly offsetting December's 8.3% jump in orders, but coming in better than estimates of a 3.9% decline.
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 122.57 (Feb 2007 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.48 (10-DMA) levels.