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USD/JPY capped below hourly 20-SMA

FXStreet (Mumbai) - The recovery in the USD/JPY pair from the US data-led drop lost steam near H1 R3 at 119.18 and the major slipped back below 119 handle.

USD/JPY hovers below 119 barrier

Currently, the USD/JPY pair trades 0.06% higher at 118.91, unable to extend beyond the hourly 20-SMA in last hours. The USD/JPY pair is seen shedding partial gains as the European traders hit their desks, digesting the recent poor economic news from the US.

However, the major remains supported on the back of a better risk sentiment, which diminishes the bids for the safe-haven yen.

The pair is likely to track the broader market sentiment in the session ahead while the US economic data including the crucial US CPI figures will dominate the NY session later today.

USD/JPY Technical levels to consider

To the upside, the next resistance is located at 119.07 (hourly 20-SMA) beyond which 119.17/18 (daily highs & H1 R3) could be tested. Above the last, the pair could climb further towards 119.45 (hourly 50-SMA). To the downside immediate support might be located at 118.71 (daily lows), below which 118.37 (daily S1) could be exposed. A breach of the last, the pair could drop to 118 (round number).

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