Yen gains for 2nd straight session

FXStreet (Mumbai) – The Japanese yen continues a firm ascent against the US dollar, bouncing back from the seven year low seen earlier in the last week.

At time of writing, USD/JPY trades lower at 118.78 levels, down -0.74% on the day, close to day’s low of 118.69 levels. The Japanese yen soared against the greenback as investors sought safe haven in Japanese currency on intensifying uncertainties over global economy amid slumping in equities and oil prices. The weakness in YS dollar across its major peers also added to the gains in the Japanese yen.

USD/JPY Technical Levels

To the upside, the next resistance is located at 119.14 (Dec 1 High) levels and above which it could extend gains to 119.89 (Dec 3 High) levels. To the downside immediate support might be located at 118.20 (Dec 2 Low), below that at 117.93 (Dec 9 Low) levels.