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23 Jan 2015
Yen edges higher versus USD on news of Saudi King’s death
FXStreet (Mumbai) - The Japanese yen halted its slide and gained slightly against the US dollar after news of Saudi Arabia's King Abdullah death which came as a sudden shock in markets.
Currently, the USD/JPY pair trades at 118.35, lower by -0.14% on the day, having previously hit day’s high at 118.73 levels. The USD/JPY pair is trading mildly lower as traders digest the news of Saudi King’s death which may have certain implications on oil markets as he was responsible for oil policies and was a key US ally. The pair is expected to trade cautious ahead of Japan's former economic and fiscal policy minister, Hiroko Ota, speech on the outlook for the Japanese economy and Abenomics shortly.
The USD/JPY pair rallied in the previous session after the ECB announced an expanded asset purchases program which pusher the US dollar to fresh multi-year peaks versus major currencies.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.86 levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.97 (Jan 14 High) levels, below that at 117.53 (Jan 13 Low) levels.
Currently, the USD/JPY pair trades at 118.35, lower by -0.14% on the day, having previously hit day’s high at 118.73 levels. The USD/JPY pair is trading mildly lower as traders digest the news of Saudi King’s death which may have certain implications on oil markets as he was responsible for oil policies and was a key US ally. The pair is expected to trade cautious ahead of Japan's former economic and fiscal policy minister, Hiroko Ota, speech on the outlook for the Japanese economy and Abenomics shortly.
The USD/JPY pair rallied in the previous session after the ECB announced an expanded asset purchases program which pusher the US dollar to fresh multi-year peaks versus major currencies.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.86 levels and above which it could extend gains 119 levels. To the downside immediate support might be located at 117.97 (Jan 14 High) levels, below that at 117.53 (Jan 13 Low) levels.