Back
22 May 2015
USD/JPY trims losses near 120.80
FXStreet (MUmbai) - The yen eased-off highs and remains supported against the US dollar in the mid-European session, with USD/JPY hovering in the upper 120’s. The Japanese currency hold gains following the BOJ steady monetary policy decision released in Asia, while downbeat US macro data-led greenback weakness adds to the downside in the major.
Yen boosted on BOJ
Currently, the USD/JPY pair trades lower by -0.21% at 120.78, recovering from session lows at 120.64. The dollar-yen pair kept losses this session as traders continue to absorb the BOJ rate on hold policy stance with the country’s economic outlook upgraded.
The pair also remains pressured largely on USD weakness across the board after the batch of US data releases overnight disappointed markets. The set of manufacturing indices (from Markit, and the Chicago and Philly Feds) all missed expectations. Existing home sales unexpectedly fell, and initial jobless claims rose.
Meanwhile, today's US session will focus on US CPI figures followed by Fed Chair Janet Yellen speech when she makes her first comments since the publication of FOMC minutes.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.20 (March 20 High) levels. To the downside immediate support might be located at 120.56 (May 19 Low) below that at 120 levels.
Yen boosted on BOJ
Currently, the USD/JPY pair trades lower by -0.21% at 120.78, recovering from session lows at 120.64. The dollar-yen pair kept losses this session as traders continue to absorb the BOJ rate on hold policy stance with the country’s economic outlook upgraded.
The pair also remains pressured largely on USD weakness across the board after the batch of US data releases overnight disappointed markets. The set of manufacturing indices (from Markit, and the Chicago and Philly Feds) all missed expectations. Existing home sales unexpectedly fell, and initial jobless claims rose.
Meanwhile, today's US session will focus on US CPI figures followed by Fed Chair Janet Yellen speech when she makes her first comments since the publication of FOMC minutes.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.20 (March 20 High) levels. To the downside immediate support might be located at 120.56 (May 19 Low) below that at 120 levels.