24 Mar 2015
USD/JPY stuck around 119.75
FXStreet (Mumbai) - USD/JPY continues its side trend in the mid-Asian session, consolidating above 119.50 levels, as the pair remains unresponsiveness to the strengthening US dollar ahead of US CPI data for fresh cues on the major.
USD/JPY faces stiff resistance at 119.89
Currently, the USD/JPY trades flat at 119.75 levels, failing several attempts to surpass 119.89 levels and 119.50 levels posing as a major support. USD/JPY continues to trade lacklustre, stuck around 119.75 levels, despite a recovery seen in the greenback after poor US housing data-led heavy losses in the last session. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies reversed losses and turned 0.33% higher at fresh session highs of 97.55 levels.
The pair failed to gain momentum despite speeches by several Fed Officials on the US dollar and Fed’s future course of monetary policy as traders now switch their attention on the crucial US CPI data later today followed by durable goods orders numbers which may provide fresh direction to USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.88 (Today’s High) levels and above which it could extend gains 120.07 (5-DMA) levels. To the downside immediate support might be located at 119.57 (March 23 Low) levels, below that at 119.42 (50-DMA) levels.
USD/JPY faces stiff resistance at 119.89
Currently, the USD/JPY trades flat at 119.75 levels, failing several attempts to surpass 119.89 levels and 119.50 levels posing as a major support. USD/JPY continues to trade lacklustre, stuck around 119.75 levels, despite a recovery seen in the greenback after poor US housing data-led heavy losses in the last session. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies reversed losses and turned 0.33% higher at fresh session highs of 97.55 levels.
The pair failed to gain momentum despite speeches by several Fed Officials on the US dollar and Fed’s future course of monetary policy as traders now switch their attention on the crucial US CPI data later today followed by durable goods orders numbers which may provide fresh direction to USD/JPY.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.88 (Today’s High) levels and above which it could extend gains 120.07 (5-DMA) levels. To the downside immediate support might be located at 119.57 (March 23 Low) levels, below that at 119.42 (50-DMA) levels.