USD/JPY reverses and climbs to fresh highs

FXStreet (Córdoba) - USD/JPY dropped to 118.93 after the release of US economic data but then turned to the upside, rose back above 119.00 and printed a fresh daily high at 119.33. The pair remains near the highs holding a bullish tone as the US dollar gains ground across the board, trimming part of weekly losses.

Despite retreating against greenback, the yen recover ground versus european currencies with EUR/JPY and GBP/JPY erasing gains during the American session.

USD/JPY technical levels

To the upside, resistance levels could be located at 119.55/60 (May 8 low), 119.95 (daily high) and 120.25. On the opposite direction, support now could be located at 119.15 (hourly 20-SMA), 119.00 and 118.85/90 (daily low).