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20 May 2015
USD/JPY testing highs at 121
FXStreet (Mumbai) - USD/JPY gathered momentum and extended gains in the European morning, in a bid to surpass 121 barrier. The major remains boosted on the underlying broad US dollar strength following better than expected US housing starts and building permits data released in the last US session.
USD/JPY lifted on USD strength
Currently, the USD/JPY pair trades higher by 0.20% at 120.94, having rejected by 121 barrier. USD/JPY extends gains as the US dollar was caught by a fresh bid wave, pushing the greenback higher across its major competitors. While European traders continue to cheer impressive US housing starts and building permits data released in the previous session.
Moreover, USD/JPY completely shrugged off better than forecasts Japanese GDP figures released in Asia as markets now await BOJ monetary policy decision due on Friday.
Meanwhile, all eyes are set on Fed’s minutes release due to be released today which may provide cues on US dollar moves. More hints on policy could also come from the two highest ranking officials, Vice-Chair Stanley Fisher who will speak on Thursday and Chair Janet Yellen who will speak on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.20 (March 20 High) levels. To the downside immediate support might be located at 120.60 (Today’s Low) below that at 120 levels.
USD/JPY lifted on USD strength
Currently, the USD/JPY pair trades higher by 0.20% at 120.94, having rejected by 121 barrier. USD/JPY extends gains as the US dollar was caught by a fresh bid wave, pushing the greenback higher across its major competitors. While European traders continue to cheer impressive US housing starts and building permits data released in the previous session.
Moreover, USD/JPY completely shrugged off better than forecasts Japanese GDP figures released in Asia as markets now await BOJ monetary policy decision due on Friday.
Meanwhile, all eyes are set on Fed’s minutes release due to be released today which may provide cues on US dollar moves. More hints on policy could also come from the two highest ranking officials, Vice-Chair Stanley Fisher who will speak on Thursday and Chair Janet Yellen who will speak on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121 levels and above which it could extend gains 121.20 (March 20 High) levels. To the downside immediate support might be located at 120.60 (Today’s Low) below that at 120 levels.