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29 Dec 2014
USD/JPY hits fresh daily lows
FXStreet (Mumbai) - The Japanese yen extended back-to-back weekly losses against the US dollar, however, recovering from losses seen in early Asian morning.
Currently, the Japanese yen hit fresh daily high of 120.28 levels against the US dollar, recovering from two-week lows of 120.83 hit in the last week. The yen slipped versus the US dollar on downbeat Japanese data. Japanese consumer prices rose 2.4% in the year ending November, undershooting the market's expectations of a 2.5% inflation rate as well as the 2.9% print from the previous month. Also, industrial production fell 0.6% in November from a month earlier, while markets had hoped for a 0.8% increase.
The Japanese currency also remains close to seven-year lows levels against the US dollar after Japan's Prime Minister Shinzo Abe approved plans for a massive stimulus package worth of JPY 3.5 trillion, equivalent of USD 29 billion to boost consumer spending and regional economic activity, in an effort to revive the economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.83 (Dec 23 High) levels and above which it could extend gains above 121 levels. To the downside immediate support might be located at 120.18 (Dec 8 Low), below that at 119.29 (Dec 22 Low) levels.
Currently, the Japanese yen hit fresh daily high of 120.28 levels against the US dollar, recovering from two-week lows of 120.83 hit in the last week. The yen slipped versus the US dollar on downbeat Japanese data. Japanese consumer prices rose 2.4% in the year ending November, undershooting the market's expectations of a 2.5% inflation rate as well as the 2.9% print from the previous month. Also, industrial production fell 0.6% in November from a month earlier, while markets had hoped for a 0.8% increase.
The Japanese currency also remains close to seven-year lows levels against the US dollar after Japan's Prime Minister Shinzo Abe approved plans for a massive stimulus package worth of JPY 3.5 trillion, equivalent of USD 29 billion to boost consumer spending and regional economic activity, in an effort to revive the economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.83 (Dec 23 High) levels and above which it could extend gains above 121 levels. To the downside immediate support might be located at 120.18 (Dec 8 Low), below that at 119.29 (Dec 22 Low) levels.