Back
11 May 2015
USD/JPY turns positive, eyes 120.00
FXStreet (Mumbai) - The US dollar recovered from a brief dip and turned in the positive territory versus the Japanese yen in Asia, lifting USD/JPY to fresh session highs just shy of 120 mark, largely as fresh Asian buying boosted the greenback, cheering the US employment data released on Friday.
USD/JPY rises from 119.72
Currently, the USD/JPY pair trades 0.11% higher at fresh session highs of 119.91, having dipped to lows at 119.72 earlier in the session. The USD/JPY pair erased previous losses and defends mild gains as the US dollar was caught by a renewed bid wave as Asia digested slightly better than expected US labour market report.
The solid non-farm payrolls figures provided the US dollar with some boost as the release showed payrolls rose 223,000 in April. At the same time, the unemployment rate decreased to 5.4%, in line with expectations, from 5.5% seen previously.
Meanwhile, the US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies now trades at session highs of 95.21, up 0.32% on the day.
There is nothing much to report today, as the US calendar remains fairly light with US labour market conditions – the only data on cards. Hence, the pair is likely to remain boosted, riding higher on Friday’s jobs data release.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.30 (May 1 High) levels. To the downside immediate support might be located at 119.72 (Today’s Low) below that at 119.18 (May 6 Low) levels.
USD/JPY rises from 119.72
Currently, the USD/JPY pair trades 0.11% higher at fresh session highs of 119.91, having dipped to lows at 119.72 earlier in the session. The USD/JPY pair erased previous losses and defends mild gains as the US dollar was caught by a renewed bid wave as Asia digested slightly better than expected US labour market report.
The solid non-farm payrolls figures provided the US dollar with some boost as the release showed payrolls rose 223,000 in April. At the same time, the unemployment rate decreased to 5.4%, in line with expectations, from 5.5% seen previously.
Meanwhile, the US dollar index (DXY) which measures the relative strength of the greenback versus six major currencies now trades at session highs of 95.21, up 0.32% on the day.
There is nothing much to report today, as the US calendar remains fairly light with US labour market conditions – the only data on cards. Hence, the pair is likely to remain boosted, riding higher on Friday’s jobs data release.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.30 (May 1 High) levels. To the downside immediate support might be located at 119.72 (Today’s Low) below that at 119.18 (May 6 Low) levels.