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3 Mar 2015
USD/JPY back below 120 on Japanese wages data
FXStreet (Mumbai) - The Japanese yen rebounded from fresh three week lows and edged higher versus the US dollar, dragging USD/JPY below 120 handle, mainly driven by solid Japanese wages data.
Upbeat Japanese data weigh on USD/JPY
Currently, the USD/JPY traded -0.34% lower at 119.74 levels, pulling away fresh three week highs previously posted at 120.21 levels. The pair was knocked off after bullish Japanese wage report which revealed that January preliminary wages rose 1.3% y/y, well above the 0.6% gain expected and the 11th straight rise, boosted the JPY bulls.
Moreover, the losses in USD/JPY were accelerated as the US dollar was broadly sold-off in Asia on profit-taking after the overnight upbeat US manufacturing data backed rally.
Meanwhile, more US data later this week will add further momentum to the pair, with main focus on the latest employment data.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.21 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.50 levels, below that at 119.20 (20-DMA) levels.
Upbeat Japanese data weigh on USD/JPY
Currently, the USD/JPY traded -0.34% lower at 119.74 levels, pulling away fresh three week highs previously posted at 120.21 levels. The pair was knocked off after bullish Japanese wage report which revealed that January preliminary wages rose 1.3% y/y, well above the 0.6% gain expected and the 11th straight rise, boosted the JPY bulls.
Moreover, the losses in USD/JPY were accelerated as the US dollar was broadly sold-off in Asia on profit-taking after the overnight upbeat US manufacturing data backed rally.
Meanwhile, more US data later this week will add further momentum to the pair, with main focus on the latest employment data.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.21 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.50 levels, below that at 119.20 (20-DMA) levels.