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13 Mar 2015
USD/JPY extends gains beyond 121.50
FXStreet (Mumbai) - USD/JPY climbed further and reached fresh session highs ahead of Europe open, supported by a strong pullback in the US dollar and as comments from Japanese officials continue to undermine the yen.
USD/JPY rides higher on stronger USD
Currently, the USD/JPY trades higher by 0.20% at 121.51 levels, having posted fresh session highs at 121.57 levels some time ago. USD/JPY extends gains and inches towards 122 barrier largely on the back of renewed strength in the US dollar against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises to 99.42 levels, recording a 0.33% gain on the day.
The yen also failed to find support from Bank of Japan (BOJ) Governor Kuroda’s remarks, while Japanese Fin Min Aso’s comments that a weak yen is a plus for Japan's economy further weakened the Japanese currency against the greenback.
Meanwhile, traders eagerly await key economic releases in the US including PPI and crucial consumer sentiment later today to gauge further dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.69 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.77 (10-DMA) levels.
USD/JPY rides higher on stronger USD
Currently, the USD/JPY trades higher by 0.20% at 121.51 levels, having posted fresh session highs at 121.57 levels some time ago. USD/JPY extends gains and inches towards 122 barrier largely on the back of renewed strength in the US dollar against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies rises to 99.42 levels, recording a 0.33% gain on the day.
The yen also failed to find support from Bank of Japan (BOJ) Governor Kuroda’s remarks, while Japanese Fin Min Aso’s comments that a weak yen is a plus for Japan's economy further weakened the Japanese currency against the greenback.
Meanwhile, traders eagerly await key economic releases in the US including PPI and crucial consumer sentiment later today to gauge further dollar moves.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.69 (March 12 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.77 (10-DMA) levels.