18 May 2015
USD/JPY in highs near 119.70
FXStreet (Mumbai) - The US dollar extends its recovery mode against the Japanese yen in the early European morning, with USD/JPY testing highs at 119.76, as a sudden spike in USD buying interest was witnessed ahead of Europe open. While slowing Japan’s industrial output also weighs on the yen pushing the major higher.
USD/JPY supported at 119.50
Currently, the USD/JPY pair trades higher by 0.39% at 119.70, having tested session highs at 119.76 few minutes ago. USD/JPY extends gains mainly as the US dollar was caught by a fresh bid wave which boosted the pair.
More so, markets weigh slowing pace of recovery in Japan reflected by downbeat Japan’s industrial production data which dented the yen, adding to the gains in USD/JPY. Combined production from Japan's mines, manufacturers, and utilities fell 0.8% month-on-month in March, worse than the preliminary result of a 0.3% decline, but following a 3.1% fall in production in February.
On the macroeconomic front, there is nothing much to report in the day as the EUR calendar is absolutely dry while NAHB Housing Market Index is the only indicator to be reported in the American session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.76 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at119.27 (Today’s Low) below that at 119 levels.
USD/JPY supported at 119.50
Currently, the USD/JPY pair trades higher by 0.39% at 119.70, having tested session highs at 119.76 few minutes ago. USD/JPY extends gains mainly as the US dollar was caught by a fresh bid wave which boosted the pair.
More so, markets weigh slowing pace of recovery in Japan reflected by downbeat Japan’s industrial production data which dented the yen, adding to the gains in USD/JPY. Combined production from Japan's mines, manufacturers, and utilities fell 0.8% month-on-month in March, worse than the preliminary result of a 0.3% decline, but following a 3.1% fall in production in February.
On the macroeconomic front, there is nothing much to report in the day as the EUR calendar is absolutely dry while NAHB Housing Market Index is the only indicator to be reported in the American session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.76 (Today’s High) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at119.27 (Today’s Low) below that at 119 levels.