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USD/JPY on rampage, takes out 200-DMA resistance

FXStreet (Mumbai) - The USD/JPY bulls are on the rampage amid rally in the European stocks, pushing the pair above its 200-DMA located at 120.88 levels.

Hovers near 121.00 handle

The spot now trades within touching distance from the 121.00 handle. The JPY turned out to be one of the biggest gainers on Thursday on account of the risk aversion in the markets across the globe.

However, Fed’s Yellen reiterated on Thursday that rates could rise in 2015, which pushed up Treasury yields in the US. The European stocks rallied more than 2% and pushed up US index futures as well. Consequently, the safe haven assets like the JPY took a hit.

USD/JPY Technical Levels

The pair currently trades around 120.95. The immediate resistance is seen at 121.00 levels, above which gains could be extended to 121.32 (Sep 10 high). On the other side, support is located at 120.88 (200-DMA) and 120.41 (July 8 low).

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