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10 Feb 2015
USD/JPY posts fresh highs at 118.81
FXStreet (Mumbai) - USD/JPY erased losses from the Asian session and turned in green as the USD bulls jumped back in to the bids as risk-averse environment faded.
USD/JPY trades above 50-DMA
Currently, the USD/JPY traded flat at 118.72 levels, quickly retreating from fresh session highs at 118.81 levels hit some minutes ago. Japanese yen gave away previous gains as the US dollar regained lost ground across the board as traders now turn their attention towards significant US macro data to be released later in the week. Moreover, falling oil prices also supported the US dollar, pushing the pair slightly higher.
However, the pair is likely to remain pressured as traders continue to monitor the negotiations between Greece and EU, ahead of EU meeting tomorrow which spark safe-haven bids for the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.22 levels. To the downside immediate support might be located at 118.30 levels, below that at 118 levels.
USD/JPY trades above 50-DMA
Currently, the USD/JPY traded flat at 118.72 levels, quickly retreating from fresh session highs at 118.81 levels hit some minutes ago. Japanese yen gave away previous gains as the US dollar regained lost ground across the board as traders now turn their attention towards significant US macro data to be released later in the week. Moreover, falling oil prices also supported the US dollar, pushing the pair slightly higher.
However, the pair is likely to remain pressured as traders continue to monitor the negotiations between Greece and EU, ahead of EU meeting tomorrow which spark safe-haven bids for the yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.22 levels. To the downside immediate support might be located at 118.30 levels, below that at 118 levels.