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23 Feb 2015
USD/JPY struggles near 119.00
FXStreet (Edinburgh) - After dipping to session lows around 118.80 USD/JPY is now attempting to regain the 119.00 barrier and beyond.
USD/JPY eyes on US data, Yellen
The downbeat tone from US treasuries plus some buying interest in the yen keep weighing on the pair, coming down from overnight peaks around 119.40, all ahead of the key testimony by Chairwoman Janet Yellen due tomorrow.
Ahead in the session US Existing Home Sales are due, with consensus expecting a monthly advance to 5.03 million in January, a tad lower than the previous 5.04 million. Earlier on, BoJ minutes showed three members of the committee expressing doubts regarding the possibility of the economy to reach the 2% inflation target, largely due to the slump in crude oil prices.
USD/JPY levels to watch
At the moment the pair is losing 0.13% at 118.91 and a breach of 118.56 (Kijun Sen) would open the door to 118.30 (low Feb.20) and then 118.11 (low Feb.16). On the upside, the initial resistance aligns at 119.42 (high Feb.17) followed by 120.48 (high Feb.11) and finally 120.68 (high Jan.5).
USD/JPY eyes on US data, Yellen
The downbeat tone from US treasuries plus some buying interest in the yen keep weighing on the pair, coming down from overnight peaks around 119.40, all ahead of the key testimony by Chairwoman Janet Yellen due tomorrow.
Ahead in the session US Existing Home Sales are due, with consensus expecting a monthly advance to 5.03 million in January, a tad lower than the previous 5.04 million. Earlier on, BoJ minutes showed three members of the committee expressing doubts regarding the possibility of the economy to reach the 2% inflation target, largely due to the slump in crude oil prices.
USD/JPY levels to watch
At the moment the pair is losing 0.13% at 118.91 and a breach of 118.56 (Kijun Sen) would open the door to 118.30 (low Feb.20) and then 118.11 (low Feb.16). On the upside, the initial resistance aligns at 119.42 (high Feb.17) followed by 120.48 (high Feb.11) and finally 120.68 (high Jan.5).