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23 Jan 2015
USD/JPY supported at 5-DMA
FXStreet (Mumbai) - USD/JPY remains subdued in the European morning as traders booked profits on their long positions after yesterday’s USD rally.
Currently, the USD/JPY pair trades at 118.37, lower by -0.12% on the day, having previously hit day’s low at 118.23 levels. The USD/JPY pair edged mildly lower as traders look for fresh incentives as dust settles over yesterday’s ECB announcement. Moreover, the yen was supported against the greenback as traders flocked to safety as the news of Saudi King’s death fuelled concerns over uncertainties in oil markets.
The USD/JPY pair is likely to remain underpinned ahead of US Manufacturing and Home sales data due later in the day.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.86 levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.97 (Jan 14 High) levels, below that at 117.53 (Jan 13 Low) levels.
Currently, the USD/JPY pair trades at 118.37, lower by -0.12% on the day, having previously hit day’s low at 118.23 levels. The USD/JPY pair edged mildly lower as traders look for fresh incentives as dust settles over yesterday’s ECB announcement. Moreover, the yen was supported against the greenback as traders flocked to safety as the news of Saudi King’s death fuelled concerns over uncertainties in oil markets.
The USD/JPY pair is likely to remain underpinned ahead of US Manufacturing and Home sales data due later in the day.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.86 levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.97 (Jan 14 High) levels, below that at 117.53 (Jan 13 Low) levels.