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25 May 2015
USD/JPY off fresh 2-month highs, near 121.65
FXStreet (Mumbai) - The yen extends its losing streak versus the US dollar in the early European trades, with USD/JPY hovering close to fresh two month highs. The Japanese currency extended its downslide today following downbeat Japanese trade balance data. While broad based US dollar strength continue to boost the major.
USD/JPY hits fresh two months
Currently, the USD/JPY pair trades higher by 0.10% at 121.68, retreating from 121.78 – highest levels since March. The dollar-yen defends mild gain and remains supported amid a data empty trading session as the USD bulls continue to underpin the major following a rebound in US core CPI and Yellen’s comments delivered on Friday.
The USD/JPY pair also remains buoyed 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 hits fresh two months
Currently, the USD/JPY pair trades higher by 0.10% at 121.68, retreating from 121.78 – highest levels since March. The dollar-yen defends mild gain and remains supported amid a data empty trading session as the USD bulls continue to underpin the major following a rebound in US core CPI and Yellen’s comments delivered on Friday.
The USD/JPY pair also remains buoyed 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.