USD/JPY struggles around 119.00

By FXStreet FXStreet (Córdoba) – The dollar advanced against most rivals on Tuesday, with the main exception made by the yen, which continues to benefit from the risk-off environment.

Following a bounce attempt that was capped by the 119.70 zone, USD/JPY came back under pressure and dropped through the 119.00 level to a low of 118.78 at the beginning of the American session. At the time of writing, USD/JPY is trading at 119.03, 0.33% below its opening price.

There is no first-tier data scheduled for the rest of the session so traders could continue to take cues from equity markets and risk sentiment.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find next supports at 118.69 (Jan 4 low), 118.05 (Oct 15 low) and 117.16 (Feb 6 2015 low). On the other hand, resistances are seen at 119.69 (Jan 5 high), 120.34 (10-day SMA) and 121.10 (20- and 100-day SMA).
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Source:: FX Street