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USD/JPY eases off highs near 119.30

FXStreet (Mumbai) - The US dollar reversed losses and climbed higher versus the Japanese counterpart, witnessing a see-saw movement in USD/JPY, mainly driven by a strong pull back in the US dollar against its major competitors, recouping losses from the last week.

USD/JPY rises from 118.95

Currently, the USD/JPY pair trades higher by 0.16% at 119.18, having posted fresh session highs at 119.28. The USD/JPY pair regained strength and extended gains beyond 119 barrier, as the US dollar resumed its recovery following the weakness seen during the last week backed by the recent series of tepid US macro data.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies returned to green and now trades at 97.17, retreating from session highs at 97.33.

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.

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