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16 Dec 2014
USD/JPY extends losses, support seen at 117 levels
FXStreet (Mumbai) - The Japanese yen strengthened against the greenback after tumbling global equities and oil prices sparked risk-off sentiment in the market which sought safe haven in yen.
Currently, USD/JPY trades at 117.38 levels, down -0.38% on the day, close to the day’s low of 117.31 levels hit earlier in the session. The US dollar traded lower after the release of mixed set of US industrial production and manufacturing index numbers in the US session. The data failed to provide any support to USD/JPY, dragging it lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.60 (5-day SMA) levels and above which it could extend gains to 118.06 (Nov 19 High) levels. To the downside immediate support might be located at 117.22 (Nov 27 Low), below that at 117 levels.
Currently, USD/JPY trades at 117.38 levels, down -0.38% on the day, close to the day’s low of 117.31 levels hit earlier in the session. The US dollar traded lower after the release of mixed set of US industrial production and manufacturing index numbers in the US session. The data failed to provide any support to USD/JPY, dragging it lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.60 (5-day SMA) levels and above which it could extend gains to 118.06 (Nov 19 High) levels. To the downside immediate support might be located at 117.22 (Nov 27 Low), below that at 117 levels.