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5 May 2015
USD/JPY breaks below 120.00
FXStreet (Córdoba) - USD/JPY broke below 120.00 and accelerated to fresh lows as another round of selling hit the US dollar.
After hitting a 3-week peak of 120.50, the greenback came under pressure following disappointing trade data. US deficit reached its highest level in nearly 2 decades in March, widening to $51.37 billion versus $41.2 billion expected and $35.9 billion in February. Upbeat ISM services PMI data did little to help the dollar.
Following a consolidation phase above 120.00, USD/JPY broke lower and stretched to a weekly low of 119.72 before the 100-hour SMA offered support. At time of writing, the pair is trading at 119.80, recording a 0.25% loss on the day.
USD/JPY levels to watch
If USD/JPY breaks below 119.72, next supports are seen at 119.60 (21-day SMA) and 119.27 (100-day SMA). On the other hand, immediate resistances could be found at 120.50 (daily high) and 120.83 (Apr 13 high).
After hitting a 3-week peak of 120.50, the greenback came under pressure following disappointing trade data. US deficit reached its highest level in nearly 2 decades in March, widening to $51.37 billion versus $41.2 billion expected and $35.9 billion in February. Upbeat ISM services PMI data did little to help the dollar.
Following a consolidation phase above 120.00, USD/JPY broke lower and stretched to a weekly low of 119.72 before the 100-hour SMA offered support. At time of writing, the pair is trading at 119.80, recording a 0.25% loss on the day.
USD/JPY levels to watch
If USD/JPY breaks below 119.72, next supports are seen at 119.60 (21-day SMA) and 119.27 (100-day SMA). On the other hand, immediate resistances could be found at 120.50 (daily high) and 120.83 (Apr 13 high).