12 May 2015
USD/JPY searching for direction around 120.00
FXStreet (Córdoba) - USD/JPY managed to bounce from lows and erased intraday losses to trade nearly flat as North American traders enter for the day.
The dollar is underperforming across the board but managed to stage a mild recovery at the beginning of the New York session, climbing back above the 120 mark versus the yen. USD/JPY bottomed out at 119.84 before climbing back to the 120.10 area. At time of writing, the pair is trading at 120.08, virtually unchanged since opening.
There is no first-tier data scheduled for the session, although JOLTS jobs opening figures and FOMC Member Williams speech might spark some volatility.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 120.27 (daily high), 120.50 (May 5 high) and 120.83 (Apr 13 high). On the flip side, next supports are seen at 119.84 (daily low), 119.65 (May 11 low) and 119.35 (100-day SMA).
The dollar is underperforming across the board but managed to stage a mild recovery at the beginning of the New York session, climbing back above the 120 mark versus the yen. USD/JPY bottomed out at 119.84 before climbing back to the 120.10 area. At time of writing, the pair is trading at 120.08, virtually unchanged since opening.
There is no first-tier data scheduled for the session, although JOLTS jobs opening figures and FOMC Member Williams speech might spark some volatility.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate resistances at 120.27 (daily high), 120.50 (May 5 high) and 120.83 (Apr 13 high). On the flip side, next supports are seen at 119.84 (daily low), 119.65 (May 11 low) and 119.35 (100-day SMA).