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FXStreet (Mumbai) - The USD/JPY pair advanced in the Asian session to a high of 119.39, before settling just below at its 100-DMA located at 119.31.
4-day losing streak snapped
The rise in the pair witnessed in the Asian session comes after a four-day losing streak, which saw the pair drop from the high of 120.60 to a low of 118.77. As a safe haven asset, the Japanese Yen strengthened on weak US data, prospects of weak US GDP as expected by the IMF, and a slowdown in China and Greece issue.
The recovery seen today could be due to the technical factors. A slight uptick in the US Treasury yields could have helped the US dollar retake part of its losses against the Yen.
USD/JPY Technical Levels
The immediate resistance is seen at 100-DMA located at 119.31, above which gains could be extended to 119.62 (5-DMA). On the flip side, a break below 118.77 (previous session’s low), could drive the pair lower to 118.31 (March. 26 low).
