USD/JPY: Yen bulls in complete control, breaks through 119

By FXStreet FXStreet (Mumbai) – The Japanese currency extends its upbeat momentum versus its American counterpart in the European session, sending USD/JPY to fresh weekly lows below 119 handle.

Yen strengthens as European stocks hammered

Currently, the USD/JPY pair sinks -0.90% to 118.98, having struck fresh weekly lows at 118.85 some minutes ago. The JPY bulls continue to ride the drivers’ seat as risk-off sentiment deepens amid a typical caution situation in the run up to the critical US payrolls data.

In addition, a fresh bid wave caught the Japanese currency after the comments from Japanese PM ABE citing that the Japan’s economy continues to remain on a stronger footing, knocking-off USD/JPY below 119 – key levels.

Later today, markets now gear up for another storm of volatility in form of the US non-farm payrolls data which may set a clear direction for further USD moves.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.11 (Today’s High) levels and above which it could extend gains 120.70 (Sept 3 High) levels. To the downside immediate support might be located at 118.43 (Aug 26 Low) below that at 118 (Psychological Levels).
For more information, read our latest forex news. …read more

Source:: FX Street