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25 Feb 2015
USD/JPY cuts losses and approaches 119.00
FXStreet (Córdoba) - USD/JPY inched higher, approaching the 119.00 level at the beginning of the American session as the dollar takes back some of its post-Yellen losses.
USD/JPY bounced off a low of 118.61 scored during the Asian session and it has climbed to a high of 118.97 as investors await the second day of Fed Chair Yellen testimony before the US Congress. At time of writing, the pair is trading at 118.92, little changed since opening.
USD/JPY fell sharply on Tuesday after Yellen testimony which was dovish-ish as she reiterated first hike will be data dependant.
USD/JPY levels to watch
In terms of technical levels, if USD/JPY breaks above 119.00, next resistances are seen at 119.34 (Feb 23 high) and 119.83 (Feb 24 high). On the other hand, supports are seen at 118.62/55 (daily low/21-day SMA) and 118.29 (Feb 20 low).
USD/JPY bounced off a low of 118.61 scored during the Asian session and it has climbed to a high of 118.97 as investors await the second day of Fed Chair Yellen testimony before the US Congress. At time of writing, the pair is trading at 118.92, little changed since opening.
USD/JPY fell sharply on Tuesday after Yellen testimony which was dovish-ish as she reiterated first hike will be data dependant.
USD/JPY levels to watch
In terms of technical levels, if USD/JPY breaks above 119.00, next resistances are seen at 119.34 (Feb 23 high) and 119.83 (Feb 24 high). On the other hand, supports are seen at 118.62/55 (daily low/21-day SMA) and 118.29 (Feb 20 low).