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12 Mar 2015
USD/JPY hits fresh lows below 121.50
FXStreet (Mumbai) - USD/JPY swung between gains and losses during the Asian session, bouncing-off stiff resistance around 121.65 levels and fell back closer to 121 handle as traders brace for key US retail sales data for fresh cues on the pair.
USD/JPY subdued ahead of Europe open
Currently, the USD/JPY trades lower by -0.13% at fresh lows posted at 121.329 levels. USD/JPY gave back previous gains and edged lower as the US dollar surrendered most gains versus its major peers and moves away from fresh twelve year peak posted at 100.05 levels and now trades flat at 99.72 levels. The greenback rally fizzled out as traders resorted to profit taking after the recent upward moves in the US dollar across the board.
Meanwhile, traders eagerly await key economic releases in the US including retail sales and initial jobless claims later today. US retail volumes is expected to show a 0.3% rebound in receipts after sharp drops in the headline over the previous two months, prompted mainly by lower gas prices and fewer car sales.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.68 (Today’s High) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.64 (10-DMA) levels.
USD/JPY subdued ahead of Europe open
Currently, the USD/JPY trades lower by -0.13% at fresh lows posted at 121.329 levels. USD/JPY gave back previous gains and edged lower as the US dollar surrendered most gains versus its major peers and moves away from fresh twelve year peak posted at 100.05 levels and now trades flat at 99.72 levels. The greenback rally fizzled out as traders resorted to profit taking after the recent upward moves in the US dollar across the board.
Meanwhile, traders eagerly await key economic releases in the US including retail sales and initial jobless claims later today. US retail volumes is expected to show a 0.3% rebound in receipts after sharp drops in the headline over the previous two months, prompted mainly by lower gas prices and fewer car sales.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.68 (Today’s High) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.64 (10-DMA) levels.