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14 Apr 2015
USD/JPY falls further but holds above 119.00
FXStreet (Córdoba) - USD/JPY extended losses during the American session as the dollar suffered on the back of disappointing US data and a growth forecast downgrade by the IMF.
USD/JPY dropped nearly 80 pips during the last hours and bottomed out at an 8-day low of 119.10, before recovering slightly. At time of writing, the pair is trading at 119.25, recording a 0.71% loss on the day.
USD/JPY is falling for third day in a row. The Japanese currency was already on demand Tuesday amid comments from Hamada, an economic adviser to Japan's PM, who indicated that the currency might have fallen too far and needed to retrace some of its losses.
USD/JPY levels to watch
In terms of technical levels, immediate supports are seen at 119.00 (psychological level) and 118.71 (Apr 3 low). On the other hand, resistances could be found at 120.16 (daily high) and 120.83 (Apr 13 high).
USD/JPY dropped nearly 80 pips during the last hours and bottomed out at an 8-day low of 119.10, before recovering slightly. At time of writing, the pair is trading at 119.25, recording a 0.71% loss on the day.
USD/JPY is falling for third day in a row. The Japanese currency was already on demand Tuesday amid comments from Hamada, an economic adviser to Japan's PM, who indicated that the currency might have fallen too far and needed to retrace some of its losses.
USD/JPY levels to watch
In terms of technical levels, immediate supports are seen at 119.00 (psychological level) and 118.71 (Apr 3 low). On the other hand, resistances could be found at 120.16 (daily high) and 120.83 (Apr 13 high).