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16 Mar 2015
USD/JPY hits fresh lows at 121.22
FXStreet (Mumbai) - USD/JPY edged lower in the late Asian session, clinging on to 121 handle as a broadly weaker US dollar dragged the pair lower with traders now awaiting BOJ statement due later tomorrow.
USD/JPY slips from 121.34
Currently, the USD/JPY trades lower by -0.212% near fresh session lows at 121.22 levels, having previously posted day’s high at 121.42 levels. USD/JPY stands gave in to the sustained US dollar weakness across the board and fell in red to fresh session lows.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies extended losses to 100.42 levels, recording a -0.30% loss on the day.
The yen is expected to trade cautiously against the US dollar and may test 121 handle as markets closely eye BOJ statement tomorrow as policymakers await the outcome of spring wage negotiations for signs of how inflation expectations are faring.
Meanwhile, traders await key economic releases in the US due later in the day for major impact on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.45 (March 13 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 120.24 (20-DMA) levels.
USD/JPY slips from 121.34
Currently, the USD/JPY trades lower by -0.212% near fresh session lows at 121.22 levels, having previously posted day’s high at 121.42 levels. USD/JPY stands gave in to the sustained US dollar weakness across the board and fell in red to fresh session lows.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies extended losses to 100.42 levels, recording a -0.30% loss on the day.
The yen is expected to trade cautiously against the US dollar and may test 121 handle as markets closely eye BOJ statement tomorrow as policymakers await the outcome of spring wage negotiations for signs of how inflation expectations are faring.
Meanwhile, traders await key economic releases in the US due later in the day for major impact on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.45 (March 13 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 120.24 (20-DMA) levels.