FXStreet (Mumbai) - USD/JPY extends its corrective slide in the early European trades, languishing near lows on the 120 handle as the yen continues to benefit from the broad based US dollar weakness.
USD/JPY: Weakness persists
Currently, the USD/JPY pair trades -0.22% at 120.16, hovering close to fresh session lows of 120.11 reached in the last hours. The offered tone around the USD/JPY pair remains intact as the European traders digest the latest US economic news amid cautious trades ahead of the Fed meeting, starting later tonight.
Moreover, the major edged lower this session as markets resorted to profit-taking on their USD longs after the recent strength backed by solid gains on the Wall Street.
Looking ahead, the pair is likely to be little influenced by the US CPI data as the calm spread before the Fed verdict will overshadow any positive news from the US data space.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 120.47 (Today’s High) levels and above which it could extend 120.84 (Sept 14 High). To the downside immediate support might be located at 119.83 (Sept 14 Low) below that at 119.20 (Sept 2 Low).
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