26 Aug 2015
USD/JPY sidelined around 119.50
FXStreet (Mumbai) - USD/JPY remains bid and continues to trade around a flat line in the European morning, having receded from 119.80 highs as further moves were checked in anticipation of softer durable goods orders print from the US, although the USD bulls remain in the game amid risk sentiment.
USD/JPY supported at 119.25
Currently, the USD/JPY pair trades 0.51% higher at 119.47, finding good support zone near 119.25 levels during the last hours. The bid tone around the USD/JPY pair reduced as we head towards the mid-European session as markets now begin pricing-in weaker US durable goods orders figures which may negatively impact the greenback.
However, the prices remain supported as the ongoing risk sentiment extends further, despite falling European equities, backed by the latest PBOC effort to shore up its ailing economy and stabilize markets as well.
Later in the session, US durable goods orders data from the US is due, which may lead the direction for further USD moves. While FOMC member Dudley’s speech will also be closely watched.
Chris Weston from IG noted, "Dudley's views will be scrutinized by the market, and given the recent change in language last week from Dennis Lockhart, it's hard to get a sense of whether he is going to give an indication of a September hike."
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.41 (Aug 25 High) levels and above which it could extend the gains 120.80 levels. To the downside immediate support might be located at 118.58 (Today’s Low) below that at 118.23 (Aug 25 Low).
USD/JPY supported at 119.25
Currently, the USD/JPY pair trades 0.51% higher at 119.47, finding good support zone near 119.25 levels during the last hours. The bid tone around the USD/JPY pair reduced as we head towards the mid-European session as markets now begin pricing-in weaker US durable goods orders figures which may negatively impact the greenback.
However, the prices remain supported as the ongoing risk sentiment extends further, despite falling European equities, backed by the latest PBOC effort to shore up its ailing economy and stabilize markets as well.
Later in the session, US durable goods orders data from the US is due, which may lead the direction for further USD moves. While FOMC member Dudley’s speech will also be closely watched.
Chris Weston from IG noted, "Dudley's views will be scrutinized by the market, and given the recent change in language last week from Dennis Lockhart, it's hard to get a sense of whether he is going to give an indication of a September hike."
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.41 (Aug 25 High) levels and above which it could extend the gains 120.80 levels. To the downside immediate support might be located at 118.58 (Today’s Low) below that at 118.23 (Aug 25 Low).