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FXStreet (Mumbai) - The US dollar extends beyond 120 barrier versus the yen, driving USD/JPY higher to fresh session highs, as traders preferred to hold the reserve currency ahead of a set of macro data releases from the US later in the session.
USD/JPY holds above 120
Currently, the USD/JPY pair trades higher by 0.13% at fresh session highs of 120.08. The USD/JPY extended gains for the fourth straight session as traders continue to cheer the recent better than expected US housing data as they gear up for fresh batch of data releases later in the US trading.
The pair remains supported despite a broadly muted US dollar. The US dollar index which measures the relative strength of the greenback against a basket of six major currencies erased gains and trades flat at 98.21.
Looking ahead, we have weekly figures for initial jobless claims and an update on new home sales for today. Durable goods orders will attract traders on Friday. US New home sales is expected to drop to 514k in March against the previous rise of 539k in February.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.19 (April 14 High) levels and above which it could extend gains 120.45 (April 7 High) levels. To the downside immediate support might be located at 119.62 (April 8 Low) below that at 119.54 (5-DMA) levels.
