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2 Jan 2015
USD/JPY holds gains, US data in focus
FXStreet (Mumbai) - The US dollar continued its uptrend against the Japanese yen in the mid-European session, extending gains for the second straight session as traders see risk-on mood returning into the markets.
Currently, the USD/JPY pair traded at 120.44, up 0.56% on the day, after having clocked intraday high at 120.51 levels earlier in the day. The Japanese yen is expected to remain pressured against the greenback as traders now await important US manufacturing activity data due out later in the day.
Moreover, the US dollar index, which measures the relative strength of the USD against the basket of six major currencies, continues to tick higher, reaching the highest level since March 2006, at 91.06.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Dec 23 Low) levels, below that at 119.22 (Dec 31 Low) levels.
Currently, the USD/JPY pair traded at 120.44, up 0.56% on the day, after having clocked intraday high at 120.51 levels earlier in the day. The Japanese yen is expected to remain pressured against the greenback as traders now await important US manufacturing activity data due out later in the day.
Moreover, the US dollar index, which measures the relative strength of the USD against the basket of six major currencies, continues to tick higher, reaching the highest level since March 2006, at 91.06.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Dec 23 Low) levels, below that at 119.22 (Dec 31 Low) levels.