Back
27 Jan 2015
USD/JPY sees a minor recovery
FXStreet (Mumbai) - The USD/JPY pair witnessed a minor bounce back from the day’s low after the release of a strong US consumer confidence data and the New Home sales data.
The pair recovered slightly to trade around 117.55 levels after the data in the US showed consumer confidence rose to 102.9 in January, highest since August 2007. Meanwhile, the new home sales in December rose 11.6%, blowing past the expected rise of 2.7%. However, the prior month’s reading was revised lower to 6.7%. So far, both the data sets have not been able to undo the impact of a disappointing durable goods data. However, stronger consumer confidence data did provide a breather to the USD/JPY pair, which clocked a low of 117.32, before recovering to 117.55 levels.
USD/JPY Technical Levels
The pair has an immediate support at 117.32, under which the pair could fall to 116.91 levels. Meanwhile, resistance is seen at 118.00 and 118.70 levels.
The pair recovered slightly to trade around 117.55 levels after the data in the US showed consumer confidence rose to 102.9 in January, highest since August 2007. Meanwhile, the new home sales in December rose 11.6%, blowing past the expected rise of 2.7%. However, the prior month’s reading was revised lower to 6.7%. So far, both the data sets have not been able to undo the impact of a disappointing durable goods data. However, stronger consumer confidence data did provide a breather to the USD/JPY pair, which clocked a low of 117.32, before recovering to 117.55 levels.
USD/JPY Technical Levels
The pair has an immediate support at 117.32, under which the pair could fall to 116.91 levels. Meanwhile, resistance is seen at 118.00 and 118.70 levels.