The US dollar extended gains versus the Japanese currency and printed a fresh daily high at 114.50. USD/JPY is rising of the second day in a row as it continues to recover after falling last week to 110.96, the lowest level in 15 months. From the lows the pair has risen more than 3%. During the Asian session risk appetite boosted the pair but currently stocks in Europa and Wall Street futures are pulling back. But USD/JPY remained with momentum, climbing to fresh highs on the back of a stronger US dollar across the board. Greenback extended gains versus European currencies and trimmed losses against commodity currencies during the last hour. USD/JPY levels to watch Currently it trades at daily highs at 114.50; a consolidation on top of 114.50 could give more support to the US dollar to extend gains. To the upside, resistance levels could be seen at 115.00 (psychological) 115.55 (10-day SMA), 115.95 (January low) and 117.15 (20-day SMA). On the opposite direction, support could now be located at 114.20 (Feb 09 low), 113.80 (20-hour SMA) and 113.20/30 (daily low). For more information, read our latest forex news.