Thursday, December 18, 2014

$USD/JPY struggling around 119.00

$USD/JPY extended its recovery from 1-month lows scored earlier this week and climbed above 119.00 toward a 1-week high, underpinned by better-than-expected US jobless claims data.

However, $USD/JPY failed to hold for long above the 119 mark and dropped back to the 118.55 zone before the 200-hour SMA contained the pullback. The pair has settled within a range since then and it is currently trading at 118.90, still 0.19% above its opening price.

$USD/JPY technical levels

As for technical levels, $USD/JPY could find immediate resistances at 119.55 (Dec 11 high) and 120.00 (psychological level). Meanwhile, supports are seen at 118.25 (daily low) and 118.00 (psychological level/Dec 16 high).