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11 Mar 2015
USD/JPY trims gains around 121.25
FXStreet (Mumbai) - USD/JPY sheds partial gains and remains in green in the European morning, having failed to breach the crucial resistance at 121.50 levels and fell back closer to 121 handle.
USD/JPY bounces-off 121.50
Currently, the USD/JPY trades higher by 0.13% at 121.28 levels, inching closer to test daily lows at 121.02 levels. USD/JPY gave back partial losses as the earlier greenback rally to fresh multi-year highs fizzled out as traders resorted to profit taking after the recent persistent strength in the US dollar across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retraced from fresh twelve year highs at 98.86 levels and now trades flat at 98.67 levels.
Moreover, Euro group meeting in the day ahead surrounding Greece negotiations may spark risk-off environment, fuelling the demand for the yen as a safe haven asset and dragging USD/JPY lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 122.03 (March 10 High) levels and above which it could extend gains 122.57 (Feb 2007 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.48 (10-DMA) levels.
USD/JPY bounces-off 121.50
Currently, the USD/JPY trades higher by 0.13% at 121.28 levels, inching closer to test daily lows at 121.02 levels. USD/JPY gave back partial losses as the earlier greenback rally to fresh multi-year highs fizzled out as traders resorted to profit taking after the recent persistent strength in the US dollar across the board.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies retraced from fresh twelve year highs at 98.86 levels and now trades flat at 98.67 levels.
Moreover, Euro group meeting in the day ahead surrounding Greece negotiations may spark risk-off environment, fuelling the demand for the yen as a safe haven asset and dragging USD/JPY lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 122.03 (March 10 High) levels and above which it could extend gains 122.57 (Feb 2007 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.48 (10-DMA) levels.