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23 Feb 2015
USD/JPY stuck below 119
FXStreet (Mumbai) - USD/JPY continued to its side trend from Asian session and traded flat in the early European morning as traders moved past Bank of Japan (BOJ) minutes and shifted their attention towards US Fed’s Yellen testimony due tomorrow for fresh cues on rate-hike timing.
USD/JPY slips from 119.08 levels
Currently, the USD/JPY trades flat at 118.92 levels, having posted fresh day’s lows at 118.89 and day’s high at 119.16. The pair extends its choppy trend amid lack of fresh triggers as traders now await US macro data later in the day for further momentum on the pair. Moreover, the BOJ minutes did little to move the pair, despite the minutes highlighted that the central bank's view that inflation is likely to reach 2% in or around 2015, reinforcing the optimistic inflationary stance.
Meanwhile, the pair may remain underpinned ahead of Tuesday’s testimony from Federal Reserve (Fed) Chair Janet Yellen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.20 levels and above which it could extend gains 119.44 levels. To the downside immediate support might be located at 118.90 (10-DMA) levels, below that at 118.60 (50-DMA) levels.
USD/JPY slips from 119.08 levels
Currently, the USD/JPY trades flat at 118.92 levels, having posted fresh day’s lows at 118.89 and day’s high at 119.16. The pair extends its choppy trend amid lack of fresh triggers as traders now await US macro data later in the day for further momentum on the pair. Moreover, the BOJ minutes did little to move the pair, despite the minutes highlighted that the central bank's view that inflation is likely to reach 2% in or around 2015, reinforcing the optimistic inflationary stance.
Meanwhile, the pair may remain underpinned ahead of Tuesday’s testimony from Federal Reserve (Fed) Chair Janet Yellen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.20 levels and above which it could extend gains 119.44 levels. To the downside immediate support might be located at 118.90 (10-DMA) levels, below that at 118.60 (50-DMA) levels.