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FXStreet (Mumbai) - The US dollar continues to outperform the yen in the mid-Asian session, with USD/JPY hovering near fresh session highs at 119.50, as the US dollar extends its rise for the third straight session, rebounding from its 2-month support hit yesterday versus the Japanese currency.
USD/JPY hovers circa 10-DMA
Currently, the USD/JPY pair trades 0.21% higher near fresh session highs at 119.45 levels, holding above 119 handle. The USD/JPY pair advanced this session as the greenback remains boosted versus its major peers following the recent US fundamentals. While traders readjusted positions and favoured the USD longs after the greenback hit key support last week.
The US dollar index which measures the relative strength of the greenback against a basket of six major currencies jumped near fresh session highs at 98.30, up 0.14% on the day.
However, the upside in the pair was capped by 119.50 - psychological levels and any attempt to breach the said level, may take the pair higher for a test of 120 barrier. Looking ahead, today’s economic calendar is powder dry for the major. However, the report on existing home sales is scheduled for Wednesday, while weekly figures for initial jobless claims and an update on new home sales are set for Thursday. Durable goods orders will attract traders on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.29 (100-DMA) levels and above which it could extend gains 119.76 (April 15 High) levels. To the downside immediate support might be located at 118.50 below that at 118.30 (March 26 Low) levels.