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8 Jan 2015
USD/JPY climbs, 120 levels in sight
FXStreet (Mumbai) - The US dollar rallied against the Japanese counterpart, extending gains from previous session as traders moved over no big surprises from Fed’s minutes.
Currently, the USD/JPY pair traded at 119.66, up 0.36%, after having clocked intraday high at 119.82 levels some minutes ago. The US dollar continued its upward trajectory versus the yen bolstered by the bullish US trade balance and employment change numbers released in the US trading.
The rally in USD/JPY also seems chart driven, as the pair has managed to form a bullish flag pattern on the daily chart, indicating a bullish uptrend correction mode.
Investors will be turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labour market which may boost the US dollar further.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.82 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.66 levels.
Currently, the USD/JPY pair traded at 119.66, up 0.36%, after having clocked intraday high at 119.82 levels some minutes ago. The US dollar continued its upward trajectory versus the yen bolstered by the bullish US trade balance and employment change numbers released in the US trading.
The rally in USD/JPY also seems chart driven, as the pair has managed to form a bullish flag pattern on the daily chart, indicating a bullish uptrend correction mode.
Investors will be turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labour market which may boost the US dollar further.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.82 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.66 levels.