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5 Feb 2015
USD/JPY poised to attack 117
FXStreet (Mumbai) - USD/JPY fell back in red with mild losses in the early European session, as traders remain on the edge ahead of the European opening bells in aftermath of ECB news.
USD/JPY slips from 117.33 levels
Currently, the USD/JPY traded -0.14% lower at 117.11 levels, moving away from daily highs clocked at 117.44 levels. The pair continues to trade in a see-saw trend as the yen regained strength on re-emergence of risk-off sentiments as traders now weigh ECB’s overnight decision to suspend a waiver allowing Greek banks to use government debt as collateral for loans. Markets also continue to closely watch further developments in Greece, as it tries to renegotiate a new deal with its international lenders.
Earlier in the Asian session, yen weakened versus the greenback after the news of the nomination of Mr Harada, which indicated Prime Minister Abe’s strong support for Governor Kuroda’s accommodative policy stance.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 117 levels, below that at 116.86 levels.
USD/JPY slips from 117.33 levels
Currently, the USD/JPY traded -0.14% lower at 117.11 levels, moving away from daily highs clocked at 117.44 levels. The pair continues to trade in a see-saw trend as the yen regained strength on re-emergence of risk-off sentiments as traders now weigh ECB’s overnight decision to suspend a waiver allowing Greek banks to use government debt as collateral for loans. Markets also continue to closely watch further developments in Greece, as it tries to renegotiate a new deal with its international lenders.
Earlier in the Asian session, yen weakened versus the greenback after the news of the nomination of Mr Harada, which indicated Prime Minister Abe’s strong support for Governor Kuroda’s accommodative policy stance.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.50 levels and above which it could extend gains 118 levels. To the downside immediate support might be located at 117 levels, below that at 116.86 levels.