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9 Sep 2015
USD/JPY at 121.00, S&P futures up 1%
FXStreet (Mumbai) - The USD/JPY pair took out the 200-DMA resistance at 120.80 to trade at 121.00 levels as the risk sentiment remains intact with S&P 500 futures trading 1% higher.
Back above monthly 10-MA
The risk-on seen in the Asia, Europe, and now in early US session has ensured the spot recovered to trade above 120.91 (monthly 10-MA). Most of the safe haven assets (except CHF) – JPY, Gold, Treasuries – have come under pressure on account of the classic risk-on moves in the markets.
Ahead in the day, the JPY traders will keep an eye on the US stocks to see if the early gains are maintained/extended till NY closing or the sentiment turns risk averse.
USD/JPY Technical Levels
The spot faces immediate resistance is located at 121.84 (Dec 2014 high), above which the pair could target 122.25 (5-DMA) levels. On the other side, support is located at 120.80 (200-DMA) and 120.27 (10-DMA).
Back above monthly 10-MA
The risk-on seen in the Asia, Europe, and now in early US session has ensured the spot recovered to trade above 120.91 (monthly 10-MA). Most of the safe haven assets (except CHF) – JPY, Gold, Treasuries – have come under pressure on account of the classic risk-on moves in the markets.
Ahead in the day, the JPY traders will keep an eye on the US stocks to see if the early gains are maintained/extended till NY closing or the sentiment turns risk averse.
USD/JPY Technical Levels
The spot faces immediate resistance is located at 121.84 (Dec 2014 high), above which the pair could target 122.25 (5-DMA) levels. On the other side, support is located at 120.80 (200-DMA) and 120.27 (10-DMA).