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USD/JPY consolidates below 120, awaits US opening bells

FXStreet (Mumbai) - The USD/JPY pair keeps its range trade intact during the European session, while markets now shift their attention towards the upcoming US data and the Wall Street open for fresh incentives.

US data in focus

Currently, the USD/JPY pair trades modestly flat at 119.85, facing stiff hurdle at 120 levels. The major failed another attempt to regain 120 handle and reverted to familiar range near 119.80-119.85 ahead of the US open.

Markets now eagerly await the Wall Street opening bells to gauge further direction on the USD/JPY pair. The US stocks are tipped-off for a higher start, reversing heavy losses seen on Monday.

While the US consumer confidence, goods trade balance and the Shiller HPI will be closely watched for any major impact on the US dollar.

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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