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12 Mar 2015
USD/JPY testing lows at 121 ahead of US data
FXStreet (Mumbai) - USD/JPY extended losses in the European session, and remains near lows heading into the North American trading as the USD continues to be sold-off across the board, while traders now eye US retail sales numbers for fresh cues.
USD/JPY stuck near lows at 121
Currently, the USD/JPY trades lower by -0.32% near fresh lows posted at 121levels. USD/JPY suffered steep losses mainly as the US dollar lost steam against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies fell back to 99 levels, recording a 0.56% loss on the day.
Meanwhile, traders eagerly await key economic releases in the US including retail sales and initial jobless claims later today. US retail volumes is expected to show a 0.3% rebound in receipts after sharp drops in the headline over the previous two months, prompted mainly by lower gas prices and fewer car sales.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.68 (Today’s High) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.64 (10-DMA) levels.
USD/JPY stuck near lows at 121
Currently, the USD/JPY trades lower by -0.32% near fresh lows posted at 121levels. USD/JPY suffered steep losses mainly as the US dollar lost steam against its major peers. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies fell back to 99 levels, recording a 0.56% loss on the day.
Meanwhile, traders eagerly await key economic releases in the US including retail sales and initial jobless claims later today. US retail volumes is expected to show a 0.3% rebound in receipts after sharp drops in the headline over the previous two months, prompted mainly by lower gas prices and fewer car sales.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.68 (Today’s High) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.64 (10-DMA) levels.