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24 Dec 2014
USD/JPY retreats from 2-week highs
FXStreet (Mumbai) - The Japanese yen strengthened against the US dollar today, rebounding from 2-week lows reached in the previous session.
Currently, the Japanese yen trades at 120.43 levels against the US dollar, gaining 0.22% on the day, recovering from two-week lows of 120.83 hit in the previous session. The USD/JPY pair rallied yesterday after the US economy saw its best quarter in more than a decade. The overall outlook for USD/JPY remains bullish on diverging monetary policies outlook between US and Japan.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.83 (Dec 23 High) levels and above which it could extend gains above 121 levels. To the downside immediate support might be located at 120.18 (Dec 8 Low), below that at 119.29 (Dec 22 Low) levels.
Currently, the Japanese yen trades at 120.43 levels against the US dollar, gaining 0.22% on the day, recovering from two-week lows of 120.83 hit in the previous session. The USD/JPY pair rallied yesterday after the US economy saw its best quarter in more than a decade. The overall outlook for USD/JPY remains bullish on diverging monetary policies outlook between US and Japan.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.83 (Dec 23 High) levels and above which it could extend gains above 121 levels. To the downside immediate support might be located at 120.18 (Dec 8 Low), below that at 119.29 (Dec 22 Low) levels.