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USD/JPY recovers losses

FXStreet (Mumbai) - The USD/JPY pair has recovered the losses seen in the Asian session to trade within a touching distance from 120.00 levels.

USD/JPY: Will it extend gains above 120.00?

The pair recovered from the low of 119.40 to trade higher at 119.90 levels amid the weakness in the Asian equities and major European equity futures. Overnight the DJIA fell more than 1%, which supported the safe haven assets. Moreover, the risk aversion has been carried over to the Asian markets today. The European equities too are likely to turn risk averse as indicated by the futures. Thus, it remains to be seen if the pair manages to extend gains above 120.00.

Meanwhile, the Treasury yields are also trading weak. Consequently, the pair may struggle to rise above 120.00 levels.

USD/JPY Technical Levels

The immediate resistance is seen at 120.34, above which gains could be extended to 120.81 levels. On the flip side, support is seen at 119.69 (hourly 200-MA) and 119.51 (hourly 100-MA).

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