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5 Jan 2015
USD/JPY consolidates above 20-DMA
FXStreet (Mumbai) - The US dollar trades flat in the late Asian trading; extending its uptrend against the Japanese yen from the previous session as USD bulls continues its lead across the board.
Currently, the USD/JPY pair traded almost unchanged at 120.57, after having clocked intraday high at 120.65 levels an hour ago. The USD/JPY pair is seen consolidating well above 120.43 levels where the 5-DMA, 10-DMA and 20-DMA converges finding strong support at that level. The Japanese yen remains pressured against the US dollar after weak Japanese manufacturing numbers failed to boost the home currency. Moreover, firming US dollar against its major counterparts may also contribute to the upside in USD/JPY.
Meanwhile, traders are expected to focus on US macro data due later in the week in absence of major economic releases from Japan.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Today’s Low) levels, below that at 119.22 (Dec 31 Low) levels.
Currently, the USD/JPY pair traded almost unchanged at 120.57, after having clocked intraday high at 120.65 levels an hour ago. The USD/JPY pair is seen consolidating well above 120.43 levels where the 5-DMA, 10-DMA and 20-DMA converges finding strong support at that level. The Japanese yen remains pressured against the US dollar after weak Japanese manufacturing numbers failed to boost the home currency. Moreover, firming US dollar against its major counterparts may also contribute to the upside in USD/JPY.
Meanwhile, traders are expected to focus on US macro data due later in the week in absence of major economic releases from Japan.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Today’s Low) levels, below that at 119.22 (Dec 31 Low) levels.