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26 Feb 2015
USD/JPY: Yen defends mild gains ahead of US data
FXStreet (Mumbai) - USD/JPY snapped its choppy trend and edged slightly lower during the European session as traders now await crucial US economic data later in the session to set a clear tone for the pair.
USD/JPY hovers around 118.75 levels
Currently, the USD/JPY trades -0.10% at 118.74 levels, having previous posted session lows at 118.68 and day’s high at 119.09. The pair continues to trade lack lustre, locking a narrow range with no major movement seen. However, USD/JPY corrected lower from 118.98 levels after BOJ Kuroda’s comments stating that the board does not target the exchange rate and rather focuses on price stability.
Moreover, further falls in the US bond yields, as the 10-year yield extended losses to 1.946 levels, also dragged the pair lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.10 levels and above which it could extend gains 119.19 (Feb 19 High) levels. To the downside immediate support might be located at 118.52 (50-DMA) levels, below that at 118.23 levels.
USD/JPY hovers around 118.75 levels
Currently, the USD/JPY trades -0.10% at 118.74 levels, having previous posted session lows at 118.68 and day’s high at 119.09. The pair continues to trade lack lustre, locking a narrow range with no major movement seen. However, USD/JPY corrected lower from 118.98 levels after BOJ Kuroda’s comments stating that the board does not target the exchange rate and rather focuses on price stability.
Moreover, further falls in the US bond yields, as the 10-year yield extended losses to 1.946 levels, also dragged the pair lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.10 levels and above which it could extend gains 119.19 (Feb 19 High) levels. To the downside immediate support might be located at 118.52 (50-DMA) levels, below that at 118.23 levels.