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19 May 2015
USD/JPY hits fresh session highs above 120
FXStreet (Mumbai) - The US dollar gained fresh momentum versus the Japanese yen in the mid-European session, with USD/JPY extending beyond 120 handle, as the US dollar ran through fresh buyers amid tilting yields spreads in favour of the greenback. Markets now brace for US housing data due later in the American session for fresh incentives.
USD/JPY turns positive above 120.00
Currently, the USD/JPY pair trades higher by 0.08% at fresh session highs of 120.09, finally accelerating beyond 120 handle. USD/JPY peeked in to green largely on the back of renewed buying interest emerged in the US dollar as traders preferred the reserve currency amid ECB QE acceleration comments and ahead of Fed minutes to be released tomorrow.
However, the upside remains capped as the yen stands resilient ahead of Japan’s GDP numbers due tomorrow. The market forecast for GDP growth in the March quarter is 0.4%, unchanged from the rate of growth recorded in the December quarter. The annual rate of growth is expected to tick up from 1.5% to 1.6%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.28 (May 12 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.83 (Today’s Low) below that at 119.43 (May 11 Low) levels.
USD/JPY turns positive above 120.00
Currently, the USD/JPY pair trades higher by 0.08% at fresh session highs of 120.09, finally accelerating beyond 120 handle. USD/JPY peeked in to green largely on the back of renewed buying interest emerged in the US dollar as traders preferred the reserve currency amid ECB QE acceleration comments and ahead of Fed minutes to be released tomorrow.
However, the upside remains capped as the yen stands resilient ahead of Japan’s GDP numbers due tomorrow. The market forecast for GDP growth in the March quarter is 0.4%, unchanged from the rate of growth recorded in the December quarter. The annual rate of growth is expected to tick up from 1.5% to 1.6%.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.28 (May 12 High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.83 (Today’s Low) below that at 119.43 (May 11 Low) levels.