USD/JPY: Yen well bid amid flight to safety, around 119.80

By FXStreet FXStreet (Mumbai) – The offered tone around the USD/JPY pair keeps growing bigger in the mid-Asian trades, sending USD/JPY to fresh session lows on the 119 handle.

USD/JPY back below 120

Currently, the USD/JPY pair trades -0.20% lower at fresh session lows of 119.75, moving further away from 120 barrier. The USD/JPY pair fell deeper into the negative territory on increased safe-bids for the yen amid absolute risk-off trades’ dominance as Asian indices remain submerged in the red.

Japan’s Nikkei stays closed in observance of Respect-for-the-Aged Day, while the S&P futures remain -0.54% lower, Australia’s S & P ASX index loses over -2.50%. The Chinese benchmark index, the Shanghai Composite recovered losses and flipped to gains, up 0.35% so far.

Meanwhile, the major shrugged off any impact of the Greece election results, which revealed that Greek Prime Minister Alexis Tsipras has been voted to remain leader.

Looking ahead, the pair will be influenced by a set of US macro data to be reported later in the New York session. Besides, FOMC member Lockhart is due to speak at the Buckhead Rotary Club, in Atlanta, later tonight.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.16 (Today’s High) levels and above …read more

Source:: FX Street