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USD/JPY flirts with 120.00 handle

FXStreet (Mumbai) - The bid tone around the safe haven JPY stays intact in early Europe, ensuring the USD/JPY pair stays weak around 120.00 levels.

Safe havens on the rise

The Japanese Yen along with other traditional safe haven assets like the CHF, Gold and Treasuries appear strong in early Europe on signs of weakness in the European equity futures. Moreover, the US dollar is being offered, with gains in the USD/JPY pair being capped around its hourly 100-MA located at 120.07 levels.

The pair is largely restricted in the 100-pip range of 120.60-119.60 since last few days. It remains to be seen if the US durable goods orders figure and Fed chairwoman Yellen’s speech manage to trigger a breakout from the trading range later today.

USD/JPY Technical Levels

The immediate resistance is located at 120.20 (hourly 200-MA), above which the pair could rise to 120.86 (200-DMA). On the other side, support is seen at 119.86 (daily low) and 119.62 (previous day’s low).

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