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USD/JPY makes another attempt at 121.00

FXStreet (Mumbai) - The USD/JPY pair bounced-off from its 200-DMA located at 120.80 to trade near 121.00 levels, and maintain the range of 120.80-121.00 in the European session today.

Double Top at 120.97?

The pair retreated from the high of 120.97 earlier today, followed by a support at 120.80 levels and a rise back to 121.00 levels. However, once again the upside ran into offers around 120.97, thereby raising the possibility of a double top formation on the intraday 15-minute chart.

The upside is repeatedly being capped due to the losses in the long duration treasury yields, which are down almost tow basis points. Meanwhile, the uncertainty ahead of the FOMC is also restricting losses in the safe haven Yen.

USD/JPY Technical Levels

The immediate resistance is seen at 121.00, above which the pair could rise to 121.32 (Sep 10 high). On the other side, support is seen at 120.80 (200-DMA) and 120.10 (previous day’s low).

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