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9 Feb 2015
USD/JPY hovers near lows, back below 119
FXStreet (Mumbai) - USD/JPY gave away previous gains and edged lower in the mid-Asian session as the greenback took a breather from its last Friday’s US jobs induced rally.
USD/JPY declines from 119.10 levels
Currently, the USD/JPY traded lower by -0.31% at 118.76 levels, close to fresh daily lows posted at 118.74 levels few minutes ago. Japanese yen strengthened against the US dollar as the traders resorted to profit-taking on their long positions after the recent rally. The pair also weakened after better-than forecast Japan’s current account data which bolstered the yen.
The pair finally broke its consolidation phase and rose above 119 levels last Friday after solid US NFP numbers which raised expectations of US rate-lift sooner than expected, boosting the US dollar.
Later in the session, traders may focus on a set of Japanese macro data further moves on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.25 levels. To the downside immediate support might be located at 118.50 levels, below that at 118.04 levels.
USD/JPY declines from 119.10 levels
Currently, the USD/JPY traded lower by -0.31% at 118.76 levels, close to fresh daily lows posted at 118.74 levels few minutes ago. Japanese yen strengthened against the US dollar as the traders resorted to profit-taking on their long positions after the recent rally. The pair also weakened after better-than forecast Japan’s current account data which bolstered the yen.
The pair finally broke its consolidation phase and rose above 119 levels last Friday after solid US NFP numbers which raised expectations of US rate-lift sooner than expected, boosting the US dollar.
Later in the session, traders may focus on a set of Japanese macro data further moves on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.25 levels. To the downside immediate support might be located at 118.50 levels, below that at 118.04 levels.