8 Dec 2014
Japanese Yen recovers against US dollar
FXStreet (Mumbai) - The Japanese yen pared losses and strengthened against the greenback on profit booking after falling to multi year low in the previous session.
At time of writing, USD/JPY trades at 121.07, reversed -0.30% from the high 121.69 hit in the Asian trading. The Japanese yen plummeted after disappointing Japanese Q3 numbers confirmed that Japan had entered in to a technical recession.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.85 (Dec 7 High) levels and above which it could extend gains to 122 (psychological) levels. To the downside immediate support might be located at 121.36 (20-day SMA), below that at 120.65 (50-day SMA) and 120.06 (100-day SMA).
At time of writing, USD/JPY trades at 121.07, reversed -0.30% from the high 121.69 hit in the Asian trading. The Japanese yen plummeted after disappointing Japanese Q3 numbers confirmed that Japan had entered in to a technical recession.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.85 (Dec 7 High) levels and above which it could extend gains to 122 (psychological) levels. To the downside immediate support might be located at 121.36 (20-day SMA), below that at 120.65 (50-day SMA) and 120.06 (100-day SMA).