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9 Jan 2015
USD/JPY retreats from 120 mark
FXStreet (Mumbai) - The Japanese yen steadies against the US counterpart in the Asian hours, recovering slightly after US dollar took a breather from back-to-back session gains.
Currently, the USD/JPY pair trades flat at 119.59, after having posted intraday low at 119.42 levels an hour ago. The US dollar retreated from 120 levels versus the yen after the weekly US unemployment claims numbers which showed that an uptick in claims to 294,000, missing expectations of a reading of 290,000, although the figure still came out 4,000 below last week's 298,000 of first-time claimers.
However, the USD/JPY pair is expected to remain buoyed ahead of today’s US nonfarm payrolls report for further indications on the strength of the recovery in the labour market which may eventually push the pair higher.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.66 levels.
Currently, the USD/JPY pair trades flat at 119.59, after having posted intraday low at 119.42 levels an hour ago. The US dollar retreated from 120 levels versus the yen after the weekly US unemployment claims numbers which showed that an uptick in claims to 294,000, missing expectations of a reading of 290,000, although the figure still came out 4,000 below last week's 298,000 of first-time claimers.
However, the USD/JPY pair is expected to remain buoyed ahead of today’s US nonfarm payrolls report for further indications on the strength of the recovery in the labour market which may eventually push the pair higher.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120 levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119 levels, below that at 118.66 levels.