USD/JPY trades near 1-Month Low

FXStreet (Mumbai) - The yen continued its upward trajectory versus the US dollar in the Asian morning, posting fresh monthly highs as safe-haven demand for yen re-emerged amid tumbling oil prices.

Currently, the USD/JPY pair traded at 117.86, losing -0.42% on the day, inching towards fresh one-month low at 117.74 levels hit earlier in the session. The yen rallied against the dollar as traders turned gave up riskier assets and turned to safe-havens like yen, gold and treasuries amid sliding oil prices and lingering concerns over health of the global economy. Moreover, Japanese five-year government bond yields fell to zero for the first time on record today, provided yet another sign that investors are turning more risk-averse.

Meanwhile, a tightening Japan’s trade surplus numbers did little to change the upside bias in the yen versus the greenback.

USD/JPY Technical Levels

To the upside, the next resistance is located at 118.54 (5-DMA) levels and above which it could extend gains 119.04 (50-DMA) levels. To the downside immediate support might be located at 117.54 (Dec 15 Low) levels, below that at 117.22 (Nov 27 Low) levels.

Description: USD/JPY trades near 1-Month Low
Reviewer: Unknown
Rating: 4.0
ItemReviewed: USD/JPY trades near 1-Month Low

Artikel Terkait :