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USD/JPY re-approaches 120 ahead of US data

FXStreet (Mumbai) - The USD bulls are seen fighting hard to extend the recovery beyond 120 handle, failing every attempt to regain the last, as traders anticipate a Wall Street rebound after the European stocks appear to stabilize somewhat.

USD/JPY trades below 5-DMA

Currently, the USD/JPY pair trades modestly flat at 119.96, rising from 119.80 region seen in the last hours. The Japanese currency lost ground and shaved-off entire gains versus the greenback as improving risk-conditions on stabilizing European stocks and expectations of a higher start for the Wall Street, boosts the sentiment around the US dollar.

Looking ahead, the NY session offers consumer confidence and goods trade balance data which may provide fresh cues on the major. While the sentiment on the US stock markets will be also closely monitored.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.64 (Sept 22 High) levels and above which it could extend 121.02 (Sept 17 High). To the downside immediate support might be located at 119.70 (hourly 10-MA) below that at 119.21 (Sept 24 Low) levels.

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