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15 Apr 2015
USD/JPY capped by 20-DMA
FXStreet (Mumbai) - The US dollar manages to fight back lost ground versus the yen in the mid-Asian session, with USD/JPY extending recovery to 20-DMA after a series of weak Chinese data undermines the Japanese currency.
USD/JPY capped by 20-DMA
Currently, the USD/JPY pair trades higher by 0.20% at 119.64 levels, moving away from fresh one-week lows posted at 119.04 in the previous session. The USD/JPY pair bounced-back this session largely on the back of profit-taking after the recent weakness following tepid US retail sales data. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies finally come up for a fresh breathe of air at 99.5, up.14% so far.
Moreover, USD/JPY receives further support from China’s weak Q1 2015 GDP release which weighs on the Asian counterpart pushing the pair higher. Chinese economy grew an annualized 7.0% in the March quarter, the slowest pace recorded since the March-2009 quarter, and is down from 7.3% in the December quarter.
Meanwhile, Industrial production and Housing market data from the US are due for release later today which may provide more clues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.72 (20-DMA) levels and above which it could extend gains 119.95 (50-DMA) levels. To the downside immediate support might be located at 119.35 (100-DMA) below that at 119 levels.
USD/JPY capped by 20-DMA
Currently, the USD/JPY pair trades higher by 0.20% at 119.64 levels, moving away from fresh one-week lows posted at 119.04 in the previous session. The USD/JPY pair bounced-back this session largely on the back of profit-taking after the recent weakness following tepid US retail sales data. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies finally come up for a fresh breathe of air at 99.5, up.14% so far.
Moreover, USD/JPY receives further support from China’s weak Q1 2015 GDP release which weighs on the Asian counterpart pushing the pair higher. Chinese economy grew an annualized 7.0% in the March quarter, the slowest pace recorded since the March-2009 quarter, and is down from 7.3% in the December quarter.
Meanwhile, Industrial production and Housing market data from the US are due for release later today which may provide more clues on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.72 (20-DMA) levels and above which it could extend gains 119.95 (50-DMA) levels. To the downside immediate support might be located at 119.35 (100-DMA) below that at 119 levels.