6 Jan 2015
USD/JPY falls to fresh 3-Week Lows
FXStreet (Mumbai) - The US dollar slumped below 119 handle against the Japanese yen heading towards the European opening bells, extending losses from the previous session.
Currently, the USD/JPY pair hits a fresh three-week low at 118.66 levels, after having clocked intraday high at 119.51 levels earlier in the day. The Japanese yen regained strength versus the US dollar after sliding global equities and oil prices sparked the safe-haven demand for the yen amid fears that Greece might leave the euro zone. The US dollar also took a breather against its major counterpart which further added to the losses in USD/JPY. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, slid from multi-year highs to trade now at 91.42 levels, down -0.24% on the day.
In the week ahead, 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. Wednesday’s Federal Reserve meeting minutes will be also closely watched.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118 levels, below that at 117.54 (Dec 15 Low) levels.
Currently, the USD/JPY pair hits a fresh three-week low at 118.66 levels, after having clocked intraday high at 119.51 levels earlier in the day. The Japanese yen regained strength versus the US dollar after sliding global equities and oil prices sparked the safe-haven demand for the yen amid fears that Greece might leave the euro zone. The US dollar also took a breather against its major counterpart which further added to the losses in USD/JPY. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, slid from multi-year highs to trade now at 91.42 levels, down -0.24% on the day.
In the week ahead, 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. Wednesday’s Federal Reserve meeting minutes will be also closely watched.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 118 levels, below that at 117.54 (Dec 15 Low) levels.