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13 Mar 2015
USD/JPY testing highs around 121.50
FXStreet (Mumbai) - USD/JPY extended its gradual ascent from the previous session and advances to fresh highs in the Asian trading after the US dollar staged a comeback versus its major competitors after retracing on below estimates US retail sales numbers.
USD/JPY supported above 121
Currently, the USD/JPY trades higher by 0.16% near fresh session highs posted at 121.49 levels. USD/JPY recouped weaker US retail sales induced losses and resumed its uptrend largely on broad greenback strength. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises to 99.34 levels, recording a 0.22% gain on the day.
The yen also failed to find support from Bank of Japan (BOJ) Governor Kuroda’s comments that he expects consumer prices to rise when wage growth increases and expectations of inflation are lifted and that being BOJ’s strategy to save the deflation-struck economy.
Meanwhile, traders eagerly await key economic releases in the US including PPI and crucial consumer sentiment later today to gauge further dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.69 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.77 (10-DMA) levels.
USD/JPY supported above 121
Currently, the USD/JPY trades higher by 0.16% near fresh session highs posted at 121.49 levels. USD/JPY recouped weaker US retail sales induced losses and resumed its uptrend largely on broad greenback strength. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises to 99.34 levels, recording a 0.22% gain on the day.
The yen also failed to find support from Bank of Japan (BOJ) Governor Kuroda’s comments that he expects consumer prices to rise when wage growth increases and expectations of inflation are lifted and that being BOJ’s strategy to save the deflation-struck economy.
Meanwhile, traders eagerly await key economic releases in the US including PPI and crucial consumer sentiment later today to gauge further dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.69 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.77 (10-DMA) levels.