USD/JPY locked-in 20-pips range, around 120.45

FXStreet (Mumbai) – The USD/JPY pair continues to trade around a flat-line in Europe, largely unperturbed by the broader markets sentiment and lower commodities prices.

USD/JPY: range-play intact

Currently, the USD/JPY pair trades modestly flat at 120.43, retreating slightly from fresh session lows reached at 120.35 levels. The major remains indifferent to the renewed risk-aversion wave that hits markets and weighed negatively on the European stocks.

Meanwhile, amid lack of fresh triggers for USD/JPY in thin markets, the prices are likely to remain confined within a slim range above 120 barrier for the remainder of this week. The next big catalyst for the major is seen in the US Non-farm payrolls data due for release on the first Friday of the New Year.

USD/JPY Technical levels to watch

In terms of technicals, the immediate resistance is located at 120.70 (10-DMA). A break above the last, the major could test 121 (round number). While to the downside, the immediate support is located at 120.24 (Dec 29 Low) below which 120.02 (Dec 25 Low) would be tested.

The USD/JPY pair continues to trade around a flat-line in Europe, largely unperturbed by the broader markets sentiment and lower commodities prices.

(Market News Provided by FXstreet)