19 Jan 2015
USD/JPY posts fresh daily lows, breaks below 117
FXStreet (Mumbai) - The Japanese yen rose against the US dollar in the Asian morning, starting off the week on a stronger note as traders ran for safety amid falling stocks on Chinese regulatory crackdown measures.
Currently, the USD/JPY pair traded at 117.04, down -0.37% on the day, having posted fresh daily lows of 116.93 levels, some minutes ago. The Japanese yen strengthened against the greenback as investors flocked to safe-haven in yen on increased risk-aversion after Chinese equities plunged over 5% today. The Chinese regulators imposed stricter penalties and controls on credit products offered by the country’s top brokerages and the banks late last Friday.
Meanwhile, the Japanese currency may supported by demand for safe-haven against the greenback as dust settles over last week’s forex markets chaos and traders now turn their focus on the upcoming Japan’s monetary policy meeting on Wednesday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.66 (Today’s High) levels and above which it could extend gains 117.94 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.
Currently, the USD/JPY pair traded at 117.04, down -0.37% on the day, having posted fresh daily lows of 116.93 levels, some minutes ago. The Japanese yen strengthened against the greenback as investors flocked to safe-haven in yen on increased risk-aversion after Chinese equities plunged over 5% today. The Chinese regulators imposed stricter penalties and controls on credit products offered by the country’s top brokerages and the banks late last Friday.
Meanwhile, the Japanese currency may supported by demand for safe-haven against the greenback as dust settles over last week’s forex markets chaos and traders now turn their focus on the upcoming Japan’s monetary policy meeting on Wednesday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.66 (Today’s High) levels and above which it could extend gains 117.94 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.