12 Feb 2015
USD/JPY: Yen gains on solid Japanese data
FXStreet (Mumbai) - The yen rebounded from five week low against the US dollar and edged higher in the mid-Asian session after upbeat Japanese economic data boosted the Japanese currency.
USD/JPY holds above 120 levels
Currently, the USD/JPY traded lower by -0.28% at 120.13 levels, retreating slightly from fresh five week highs at 120.50 reached in the previous session. The yen regained lost ground versus the greenback after Japan's core machinery orders surged in December suggests that the economy returned to growth in the final quarter of last year. Orders for machinery other than utility items and ships were up 8.3% m/m in December, adding to a 1.3% rise a month earlier, compared to expectations of a 2.4% rise.
The yen sank to fresh five week lows versus the US dollar overnight as traders preferred to hold USD amid uncertainty surrounding Greece's ongoing austerity talks.
Meanwhile, traders now shift their focus on a deluge of economic release from the US later today for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.50 (Feb 11 High) levels and above which it could extend gains 120.75 (Jan 2 High) levels. To the downside immediate support might be located at 119.71 levels, below that at 119.53 (5-DMA) levels.
USD/JPY holds above 120 levels
Currently, the USD/JPY traded lower by -0.28% at 120.13 levels, retreating slightly from fresh five week highs at 120.50 reached in the previous session. The yen regained lost ground versus the greenback after Japan's core machinery orders surged in December suggests that the economy returned to growth in the final quarter of last year. Orders for machinery other than utility items and ships were up 8.3% m/m in December, adding to a 1.3% rise a month earlier, compared to expectations of a 2.4% rise.
The yen sank to fresh five week lows versus the US dollar overnight as traders preferred to hold USD amid uncertainty surrounding Greece's ongoing austerity talks.
Meanwhile, traders now shift their focus on a deluge of economic release from the US later today for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.50 (Feb 11 High) levels and above which it could extend gains 120.75 (Jan 2 High) levels. To the downside immediate support might be located at 119.71 levels, below that at 119.53 (5-DMA) levels.