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USD/JPY retests 120.50 levels


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FXStreet (Mumbai) – The US dollar trades weaker against the Japanese yen in the mid-Asian session, consolidating well above 120 levels amid lack of economic releases ahead of year-end holidays.

Currently, the Japanese yen dipped -0.14% against the US dollar to trade at 120.48 levels, having posted days high at 120.67 earlier in the day. The USD/JPY pair slipped, having breached the important resistance located at 120.50. The USD/JPY pair continues to bounce-off from those levels in absence of any fresh trigger which may have helped push the pair higher.


Meanwhile, markets now await consumer confidence numbers from the US for further moves on the currency pair.


USD/JPY Technical Levels


To the upside, the next resistance is located at 120.83 (Dec 23 High) levels and above which it could extend gains above 121 levels. To the downside immediate support might be located at 120.18 (Dec 8 Low), below that at 119.29 (Dec 22 Low) levels.