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24 Feb 2015
USD/JPY hits fresh 2-week highs, 120 levels in sight
FXStreet (Mumbai) - USD/JPY continued its upward trajectory during the European session, amid persistent US dollar strength as traders will closely hear Fed Yellen’s testimony later in the session for hints on the timing of the rate lift-off.
USD/JPY rises from 119.34 levels
Currently, the USD/JPY trades higher by 0.58% 119.51 levels, having posted fresh two week highs at 119.60 levels some minutes ago. The pair edged higher as the US dollar holds gains against its major counterparts as markets expect Yellen to provide fresh cues on the US monetary normalization path.
Meanwhile, traders now focus on a set of US macro data due for release later for any major impact on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.91 levels and above which it could extend gains 120.09 levels. To the downside immediate support might be located at 119.08 (5-DMA) levels, below that at 118.58 (50-DMA) levels.
USD/JPY rises from 119.34 levels
Currently, the USD/JPY trades higher by 0.58% 119.51 levels, having posted fresh two week highs at 119.60 levels some minutes ago. The pair edged higher as the US dollar holds gains against its major counterparts as markets expect Yellen to provide fresh cues on the US monetary normalization path.
Meanwhile, traders now focus on a set of US macro data due for release later for any major impact on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.91 levels and above which it could extend gains 120.09 levels. To the downside immediate support might be located at 119.08 (5-DMA) levels, below that at 118.58 (50-DMA) levels.