20 Jan 2015
USD/JPY rebounds, back above 118
FXStreet (Mumbai) - The US dollar advanced against the Japanese yen, extending gains from the previous session as the greenback reversed losses and rebounded against its major trading peers.
Currently, the USD/JPY pair traded at 118.14, up 0.49% on the day, retreating from fresh four day’s high at 118.31 levels hit some time ago. The US dollar regained lost territory and rallied against most of its counterparts for the first time in more than a week after the SNB shock. The USD/JPY pair is likely to remain elevated as traders now shift their attention towards Bank of Japan’s (BOJ) monetary policy meet scheduled tomorrow, in absence any significant macro data for the pair later in the day.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.85 (Jan 13 High) levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.53 (Jan 13 Low) levels, below that at 117 levels.
Currently, the USD/JPY pair traded at 118.14, up 0.49% on the day, retreating from fresh four day’s high at 118.31 levels hit some time ago. The US dollar regained lost territory and rallied against most of its counterparts for the first time in more than a week after the SNB shock. The USD/JPY pair is likely to remain elevated as traders now shift their attention towards Bank of Japan’s (BOJ) monetary policy meet scheduled tomorrow, in absence any significant macro data for the pair later in the day.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.85 (Jan 13 High) levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.53 (Jan 13 Low) levels, below that at 117 levels.