27 Jan 2015
USD/JPY wavers around 118.00
FXStreet (Córdoba) - USD/JPY came under pressure and dropped briefly below 118.00 during the European session as the pair continues to falter at the upper 118’s area.
USD/JPY reached a high of 118.65 but failed to sustain gains and fell more than 80 pips to a low of 117.84 amid broad dollar weakness. However, the pair managed to recover some ground and it is currently trading at the 118.05 zone, recording a 0.31% loss on the day.
During the New York session a string of US data will be released, including durable goods orders, consumer confidence, new home sales and Markit services PMI.
The dollar trades softer against major competitors as investors await the 2-day FOMC meeting, to see whether the Fed maintains its hawkish path or it responds to latest rates cut and easing measures by major central banks instead.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 117.84 (daily low) and 117.25 (Jan 26 low). On the other hand, resistances are seen at 118.65 (daily high) and 118.85 (Jan 20 high) ahead of 119.00 (psychological level).
USD/JPY reached a high of 118.65 but failed to sustain gains and fell more than 80 pips to a low of 117.84 amid broad dollar weakness. However, the pair managed to recover some ground and it is currently trading at the 118.05 zone, recording a 0.31% loss on the day.
During the New York session a string of US data will be released, including durable goods orders, consumer confidence, new home sales and Markit services PMI.
The dollar trades softer against major competitors as investors await the 2-day FOMC meeting, to see whether the Fed maintains its hawkish path or it responds to latest rates cut and easing measures by major central banks instead.
USD/JPY levels to watch
As for technical levels, USD/JPY could find immediate supports at 117.84 (daily low) and 117.25 (Jan 26 low). On the other hand, resistances are seen at 118.65 (daily high) and 118.85 (Jan 20 high) ahead of 119.00 (psychological level).