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23 Jan 2015
USD/JPY falls back below 118.00
FXStreet (Córdoba) - Even though the dollar is among the best performers Friday, the main exception will be the yen. USD/JPY is facing selling pressure,having dropped more than 100 pips throughout the day after finding resistance, once again, at the 118.85 area during the Asian session.
USD/JPY fell back below the 118 mark and dipped to a low of 117.59 in recent dealings, weighed by lackluster US data. At time of writing, the pair is trading at 117.70, 0.65% below its opening price.
USD/JPY has failed to hold gains despite gains in stock markets, triggered by the ECB QE announcement.
On the data front, US existing home sales rose 2.4% in December to a seasonally adjusted annual rate of 5.04 million, in line with expectations, while Markit manufacturing PMI fell to 53.7 versus 54.0 expected.
USD/JPY technical levels
In terms of technical levels, immediate supports are seen at 117.17 (Jan 21 low) and 117.00 (psychological level), while resistances line up at 118.85 (Jan 20 & 23 highs) and 119.00 (psychological level).
USD/JPY fell back below the 118 mark and dipped to a low of 117.59 in recent dealings, weighed by lackluster US data. At time of writing, the pair is trading at 117.70, 0.65% below its opening price.
USD/JPY has failed to hold gains despite gains in stock markets, triggered by the ECB QE announcement.
On the data front, US existing home sales rose 2.4% in December to a seasonally adjusted annual rate of 5.04 million, in line with expectations, while Markit manufacturing PMI fell to 53.7 versus 54.0 expected.
USD/JPY technical levels
In terms of technical levels, immediate supports are seen at 117.17 (Jan 21 low) and 117.00 (psychological level), while resistances line up at 118.85 (Jan 20 & 23 highs) and 119.00 (psychological level).