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USD/JPY remains capped by 118.40

FXStreet (Córdoba) - USD/JPY resumed the advance Monday after last week’s corrective move was contained by the 117.35 zone.

USD/JPY regained the 118.00 level and climbed to a high of 118.37, stalling roughly at the same level it did the previous trading day. At time of writing, the pair is trading at 118.20, recording a 0.37% gain on the day.

The yen strengthened last week and dragged USD/JPY away from a 7-year peak of 118.97 after Japan’s finance minister expressed his concerns about rapid depreciation of the currency.

USD/JPY levels to watch

As for technical levels, next resistances line up at 118.37 (Nov 21 & 24 highs), 118.97 (2014 high Nov 20) and 119.00 (psychological level). On the other hand, supports could be found at 117.57 (daily low), 117.35 (Nov 21 low) and 117.00 (psychological level).

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