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13 Apr 2015
USD/JPY lifted near 119.40
FXStreet (Mumbai) - USD/JPY remains elevated and heads towards highs in the early European trades; on persistent US dollar strength after the USD bulls jumped back in to the bids against its major competitors while poor Chinese trade data continue to hit the Japanese currency.
USD/JPY eyes 120.50
Currently, the USD/JPY pair trades higher by 0.15% at 120.38 levels, inching higher in another run to surpass 120.50 levels. The USD/JPY pair edged higher largely on extended yen weakness especially after a big miss on Chinese trade numbers which dragged the Asian counterpart lower.
Moreover, the US dollar index hovers close to session highs near 99.78 levels rising on the recent series of upbeat US macro data and FOMC minutes released last week, also supports USD/JPY upsurge.
Meanwhile, this week's schedule offers plenty of data to watch, with US production and retail sales in focus as well as China's GDP to provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.63 (April 10 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 120.10 (Today’s Low) below that at 199.89 (10-DMA) levels.
USD/JPY eyes 120.50
Currently, the USD/JPY pair trades higher by 0.15% at 120.38 levels, inching higher in another run to surpass 120.50 levels. The USD/JPY pair edged higher largely on extended yen weakness especially after a big miss on Chinese trade numbers which dragged the Asian counterpart lower.
Moreover, the US dollar index hovers close to session highs near 99.78 levels rising on the recent series of upbeat US macro data and FOMC minutes released last week, also supports USD/JPY upsurge.
Meanwhile, this week's schedule offers plenty of data to watch, with US production and retail sales in focus as well as China's GDP to provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.63 (April 10 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 120.10 (Today’s Low) below that at 199.89 (10-DMA) levels.