USD/JPY wavers above 119

FXStreet (Mumbai) - The US dollar erased previous losses versus the Japanese counterpart, driving USD/JPY to fresh session highs above 119 barrier, largely on the back of a minor recovery seen in the US dollar across the board recouping following the recent weakness after the latest US durable goods orders data disappointed markets.

USD/JPY rises from 118.90

Currently, the USD/JPY pair turns positive and trades at 119.05, hovering close to fresh session highs reached at 119.08. The USD/JPY pair defends mild gains as the US dollar seems to have embarked upon a recovery path versus the yen, offsetting losses seen on Friday.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies turns positive and now trades at fresh session of 97.22, up 0.10% on the day.

Meanwhile, markets now turn their focus towards Wednesday’s FOMC statement as the EUR and NA Calendar remains relatively light at the start of the week.

USD/JPY Technical Levels

To the upside, the next resistance is located at 119.45 (April 20 High) levels and above which it could extend gains 120.76 (April 15 High) levels. To the downside immediate support might be located at 118.51 (April 20 Low) below that at 118.30 (March 26 Low) levels.