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2 Jan 2015
USD/JPY hits fresh daily highs, breaks above 120.50 levels
FXStreet (Mumbai) - The US dollar jumped against the Japanese yen in the early European trading, extending gains seen in the Asian session as US dollar hit fresh multi-year highs against most of its major counterparts.
Currently, the USD/JPY pair traded at fresh intraday high levels of 120.51, up 0.62% on the day, breaking above the crucial resistance of 120.50 levels. The Japanese yen is expected to remain pressured against the greenback as the US dollar index, which measures the relative strength of the USD against the basket of six major currencies reached the highest level since March 2006, at 91.05.
Moreover, divergent monetary policies stance between the US and the Japanese Central Bankers, continue to favour the US dollar in 2015 as the Fed is expected to be more hawkish than the Japanese central bank’s easing monetary outlook.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Dec 23 Low) levels, below that at 119.22 (Dec 31 Low) levels.
Currently, the USD/JPY pair traded at fresh intraday high levels of 120.51, up 0.62% on the day, breaking above the crucial resistance of 120.50 levels. The Japanese yen is expected to remain pressured against the greenback as the US dollar index, which measures the relative strength of the USD against the basket of six major currencies reached the highest level since March 2006, at 91.05.
Moreover, divergent monetary policies stance between the US and the Japanese Central Bankers, continue to favour the US dollar in 2015 as the Fed is expected to be more hawkish than the Japanese central bank’s easing monetary outlook.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.71 (Dec 30 High) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.98 (Dec 23 Low) levels, below that at 119.22 (Dec 31 Low) levels.