Back
27 Feb 2015
USD/JPY: Yen extends gains amid USD weakness
FXStreet (Mumbai) - The Japanese currency extends gains versus the US dollar in the late-Asian session, knocking USD/JPY to fresh session lows at 119.12 on the back of a retreat in the greenback across the board.
USD/JPY clings on to 119 handle
Currently, the USD/JPY trades -0.22% at 119.16 levels, hovering close to fresh session lows of 119.12 levels. The yen regained lost ground versus the US dollar after impressive Japanese industrial production data which revealed that industrial output grew at the fastest pace in three-and-a-half years, rising 4.0% m/m in January, adding to 0.8% growth in output in December. Moreover, a broad based US dollar sell-off also dragged the pair lower.
USD/JPY extended gains beyond 119 levels in the US last session after upbeat US economic data boosted the US dollar as expectations of earlier US rate-lifted off returned in markets. Meanwhile, traders now shift their attention towards a host of crucial US economic events later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.84 levels. To the downside immediate support might be located at 119 levels, below that at 118.52 (50-DMA) levels.
USD/JPY clings on to 119 handle
Currently, the USD/JPY trades -0.22% at 119.16 levels, hovering close to fresh session lows of 119.12 levels. The yen regained lost ground versus the US dollar after impressive Japanese industrial production data which revealed that industrial output grew at the fastest pace in three-and-a-half years, rising 4.0% m/m in January, adding to 0.8% growth in output in December. Moreover, a broad based US dollar sell-off also dragged the pair lower.
USD/JPY extended gains beyond 119 levels in the US last session after upbeat US economic data boosted the US dollar as expectations of earlier US rate-lifted off returned in markets. Meanwhile, traders now shift their attention towards a host of crucial US economic events later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.84 levels. To the downside immediate support might be located at 119 levels, below that at 118.52 (50-DMA) levels.