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8 Sep 2015
USD/JPY cracks 119 handle, China trade data fails to impress
FXStreet (Mumbai) - The Japanese yen witnessed sudden bout of buying interest versus the US dollar in mid-Asia, knocking-off USD/JPY to fresh lows below 119 handle, following the release of not so auspicious Chinese trade figures.
USD/JPY drops from 119.53
Currently, the USD/JPY pair trades -0.30% lower at fresh session lows of 118.90, unable to resist 119 barrier. The USD/JPY pair gave away gains and fell sharply in to losses as Chinese trade figures once again disappointed, spooking markets and refuelling risk-aversion across the board.
Moreover, Chinese equities also extended their drop and fell sharply lower as markets digest the latest China trade data which is widely viewed as the figures going from bad to ugly. The China benchmark index, SSEC now drops -1.26% to 3041 levels. Other Asian benchmarks also followed suit with the Nikkei tanking nearly 1.5%.
Later today, the major will be influenced by the risk-off/on sentiments as markets continue to digest the Chinese data, awaiting fresh cues from the week ahead as the US calendar remains fairly light today.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 119.53 (Today’s High) levels and above which it could extend 120.19 (Sept 4 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).
USD/JPY drops from 119.53
Currently, the USD/JPY pair trades -0.30% lower at fresh session lows of 118.90, unable to resist 119 barrier. The USD/JPY pair gave away gains and fell sharply in to losses as Chinese trade figures once again disappointed, spooking markets and refuelling risk-aversion across the board.
Moreover, Chinese equities also extended their drop and fell sharply lower as markets digest the latest China trade data which is widely viewed as the figures going from bad to ugly. The China benchmark index, SSEC now drops -1.26% to 3041 levels. Other Asian benchmarks also followed suit with the Nikkei tanking nearly 1.5%.
Later today, the major will be influenced by the risk-off/on sentiments as markets continue to digest the Chinese data, awaiting fresh cues from the week ahead as the US calendar remains fairly light today.
USD/JPY Technical levels to consider
To the upside, the next resistance is located 119.53 (Today’s High) levels and above which it could extend 120.19 (Sept 4 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).