25 May 2015
USD/JPY sidelined near 121.60
FXStreet (Mumbai-) - The US dollar extends its side trend versus the Japanese counterpart in the mid-European session, with USD/JPY flattish above the mid points of the 121 handle. The major remains little changed on lack of fresh triggers amid holiday-quiet markets, with a broadly supported buck offering no impetus.
USD/JPY recovers from 121.53
Currently, the USD/JPY pair trades flat at 121.62, recovering from session lows at 121.53. The dollar-yen defends trades muted amid a data empty trading session despite higher US treasury yields backed by Yellen’s hawkish comment reiterating that rate hike may happen sometime this year.
The USD/JPY pair also remains supported after the yen weakened in early Asia after Japan's trade balance swung into deficit in April after export growth slowed and the recent run of sharply declining imports moderated. Japan recorded a merchandise trade shortfall of ¥53.4 billion in April, the Ministry of Finance reported on Monday, wiping out the ¥229.3 billion surplus seen in March, which was the first surplus since June 2012.
Meanwhile, Fed’s Fischer speech will be awaited amid a holiday-thinned trading session while traders shift their focus towards US durable goods orders and US Q1 GDP figures to be released later this week for further incentives.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.78 (Today’s High) levels and above which it could extend gains 122 levels. To the downside immediate support might be located at 121.50 below that at 121.11 (March 19 Low) levels.
USD/JPY recovers from 121.53
Currently, the USD/JPY pair trades flat at 121.62, recovering from session lows at 121.53. The dollar-yen defends trades muted amid a data empty trading session despite higher US treasury yields backed by Yellen’s hawkish comment reiterating that rate hike may happen sometime this year.
The USD/JPY pair also remains supported after the yen weakened in early Asia after Japan's trade balance swung into deficit in April after export growth slowed and the recent run of sharply declining imports moderated. Japan recorded a merchandise trade shortfall of ¥53.4 billion in April, the Ministry of Finance reported on Monday, wiping out the ¥229.3 billion surplus seen in March, which was the first surplus since June 2012.
Meanwhile, Fed’s Fischer speech will be awaited amid a holiday-thinned trading session while traders shift their focus towards US durable goods orders and US Q1 GDP figures to be released later this week for further incentives.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.78 (Today’s High) levels and above which it could extend gains 122 levels. To the downside immediate support might be located at 121.50 below that at 121.11 (March 19 Low) levels.