Yen trades close to fresh 1-Month Highs versus USD

FXStreet (Mumbai) - USD/JPY edged lower in the mid-Asian session, extending its long run of losses as the yen gains on re-emergence of risk-off trades.

Currently, the USD/JPY pair traded at 117.49, down -0.37% on the day, retracing from fresh one-month low at 117.33 levels some minutes ago. The yen continues to strengthen against the US dollar as markets preferred their safe-haven treat after a major sell-off in commodities and global equities fuelled risk-off environment. The US dollar also failed to sustain positive jobs data induced gains against the yen from US last session.

Meanwhile, a bounce-back may be expected in USD/JPY ahead of significant economic releases from the US later in the day.

USD/JPY Technical Levels

To the upside, the next resistance is located at 118.11 (5-DMA) levels and above which it could extend gains 118.79 (10-DMA) levels. To the downside immediate support might be located at 117.22 (Nov 27 Low) levels, below that at 117 levels.

Description: Yen trades close to fresh 1-Month Highs versus USD
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