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1 Apr 2015
USD/JPY wavers around 120
FXStreet (Mumbai) - USD/JPY witnessed a see-saw movement during the European session, when the US dollar fought back to 120 handle versus the yen for a brief period, only to fall back in to red sub 120 levels.
USD/JPY trades above 5-DMA
Currently, the USD/JPY trades lower by -0.13% at 119.98 levels, having posted day’s high at 120.01 and day’s low at 119.42. USD/JPY returned in red mainly driven by risk-off moods on the back of impending talks between Iran and its six global powers over Iran’s nuclear deal program which boosted the demand for yen as a safe-haven asset.
Meanwhile, the yen continues to strengthen despite downbeat Japanese manufacturing gauge which showed that the Tankan Manufacturing index of large-scale factories was unchanged at 12 in the March quarter, against expectations for the index to rise two points to 14 last quarter.
Later in the session the ADP employment report is due, with 225,000 job gains forecast, above last month's 212,000 print. Moreover, the US ISM Manufacturing report is on the agenda and should tick lower to 52.5 from 52.9.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.35 (20-DMA) levels. To the downside immediate support might be located at 119.24 (100-DMA), below that at 119 levels.
USD/JPY trades above 5-DMA
Currently, the USD/JPY trades lower by -0.13% at 119.98 levels, having posted day’s high at 120.01 and day’s low at 119.42. USD/JPY returned in red mainly driven by risk-off moods on the back of impending talks between Iran and its six global powers over Iran’s nuclear deal program which boosted the demand for yen as a safe-haven asset.
Meanwhile, the yen continues to strengthen despite downbeat Japanese manufacturing gauge which showed that the Tankan Manufacturing index of large-scale factories was unchanged at 12 in the March quarter, against expectations for the index to rise two points to 14 last quarter.
Later in the session the ADP employment report is due, with 225,000 job gains forecast, above last month's 212,000 print. Moreover, the US ISM Manufacturing report is on the agenda and should tick lower to 52.5 from 52.9.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.35 (20-DMA) levels. To the downside immediate support might be located at 119.24 (100-DMA), below that at 119 levels.