USD/JPY printing fresh highs near 120.70

FXStreet (Edinburgh) - The Japanese yen continues to give away ground vs. its American counterpart on Monday, pushing USD/JPY to daily highs around 120.70.

USD/JPY boosted by Chinese data

Less auspicious results from the Chinese external sector during March continues to weigh on the Japanese currency during the European morning, prompting spot to approach the area of multi-week tops above 120.70 posted last week.

In the meantime, the greenback in terms of the US Dollar Index, is extending its relentless march higher from last week, with the psychological resistance at 100.00 now in the crosshairs.

USD/JPY important levels

The pair is now advancing 0.45% at 120.73 with the immediate hurdle at 121.00 (psychological level) ahead of 121.16 (76.4% of 122.04 -118.33) and finally 121.20 (high Mar.20). On the downside, a breach of 120.10 (low Apr.13) would open the door to 120.05 (low Apr.10) and then 119.73 (Tenkan Sen).