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18 Mar 2015
USD/JPY remains in lows near 121.10
FXStreet (Edinburgh) - The greenback is grinding lower vs. its Japanese counterpart on Wednesday, sending USD/JPY to the lower bound of the daily range at 121.15/10.
USD/JPY supported at 121.00
The pair is looking to consolidate the recent decline from multi-year peaks just above the 122.00 handle posted last week. The area around the key support at 121.00 seems to be holding the bearish attempts so far, in spite of the persistent selling sentiment around the greenback since Monday.
Latest releases in Japan showed the trade deficit came in significantly lower during February at ¥424.6 billion, down from ¥1.17 trillion from the previous month. Next on tap will be the Foreign Bond Investment figures followed by the BoJ minutes. Back in the US, today’s FOMC meeting is poised to dictate the dollar’s price action in the near term.
USD/JPY significant levels
At the moment the pair is retreating 0.17% at 121.15 and a break below 120.97 (Tenkan Sen) would open the door to 120.66 (low Mar.12) and then 120.62 (low Mar.9). On the flip side, the initial hurdle aligns at 121.53 (high Mar.17) ahead of 121.57 (high Mar.13) and finally 121.67 (high Mar.12).
USD/JPY supported at 121.00
The pair is looking to consolidate the recent decline from multi-year peaks just above the 122.00 handle posted last week. The area around the key support at 121.00 seems to be holding the bearish attempts so far, in spite of the persistent selling sentiment around the greenback since Monday.
Latest releases in Japan showed the trade deficit came in significantly lower during February at ¥424.6 billion, down from ¥1.17 trillion from the previous month. Next on tap will be the Foreign Bond Investment figures followed by the BoJ minutes. Back in the US, today’s FOMC meeting is poised to dictate the dollar’s price action in the near term.
USD/JPY significant levels
At the moment the pair is retreating 0.17% at 121.15 and a break below 120.97 (Tenkan Sen) would open the door to 120.66 (low Mar.12) and then 120.62 (low Mar.9). On the flip side, the initial hurdle aligns at 121.53 (high Mar.17) ahead of 121.57 (high Mar.13) and finally 121.67 (high Mar.12).