9 Mar 2015
USD/JPY off highs around 120.80
FXStreet (Edinburgh) - After hitting the area of 121.20 in early trading, USD/JPY is now returning to the 120.80 area.
USD/JPY following the dollar
The pair extended the correction higher following the very auspicious results from the US labour market last Friday, pushing spot back above the key barrier at 121.00 and ready to challenge last week’s tops around 121.30.
In the data front, the Japanese GDP expanded 0.4% inter-quarter in Q4 and 1.5% on a yearly basis. In addition, Eco Watchers Survey improved to 53.2 and 50.1 in its Outlook and Current components, respectively for the last month.
USD/JPY levels to watch
As of writing the pair is up 0.13% at 120.85 with the next resistance at 121.29 (2015 high Mar.6) ahead of 121.86 (2014 high Dec.8) and finally 122.00 (psychological level). On the other hand, a breakdown of 120.62 (hourly low Mar.6) would open the door to 119.96 (Tenkan Sen) and then 119.90 (low Mar.6).
USD/JPY following the dollar
The pair extended the correction higher following the very auspicious results from the US labour market last Friday, pushing spot back above the key barrier at 121.00 and ready to challenge last week’s tops around 121.30.
In the data front, the Japanese GDP expanded 0.4% inter-quarter in Q4 and 1.5% on a yearly basis. In addition, Eco Watchers Survey improved to 53.2 and 50.1 in its Outlook and Current components, respectively for the last month.
USD/JPY levels to watch
As of writing the pair is up 0.13% at 120.85 with the next resistance at 121.29 (2015 high Mar.6) ahead of 121.86 (2014 high Dec.8) and finally 122.00 (psychological level). On the other hand, a breakdown of 120.62 (hourly low Mar.6) would open the door to 119.96 (Tenkan Sen) and then 119.90 (low Mar.6).