USD/JPY: Yen ticks higher amid risk-off trades on ‘Grexit’ fears

FXStreet (Mumbai) - USD/JPY reversed previous gains and fell to fresh daily lows during the European session as Grexit rumours re-emerged, boosting safe-haven appeal for the yen.

USD/JPY bounces-off 118.50 levels

Currently, the USD/JPY traded lower by -0.46% at 118.58 levels, close to fresh daily lows posted at 118.50 levels some minutes ago. Japanese yen strengthened against the US dollar as rising geopolitical uncertainties surrounding Greece and Ukraine spooked markets which sought safety in safe haven assets such as gold, treasuries and yen.

Earlier in the day, better-than expected Japanese current account data also bolstered the yen against the greenback.

USD/JPY Technical Levels

To the upside, the next resistance is located at 119 levels and above which it could extend gains 119.25 levels. To the downside immediate support might be located at 118.23 levels, below that at 118 levels.

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