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2 Apr 2015
USD/JPY hovers around 119.50
FXStreet (Mumbai) - The USD/JPY pair trades around 119.50 levels, after having failed to sustain above the 50-DMA located at 119.66 levels.
Yen supported by weak treasury yields
A weaker-than-expected ADP data and PMI data released in the US on Wednesday pushed the 10-year Treasury yield in the US below 1.9%. The yield currently trades at 1.868%. Meanwhile, the 30-year yield is down 1.1 basis points at 2.464%. Consequently, the USD/JPY pair fell to 119.50 levels.
Given the absence of a major market moving data in the European session, we may not see much action in the USD/JPY pair. Fresh trigger – US weekly jobless claims and factory orders – are due in the US session.
USD/JPY Technical Levels
The immediate resistance is seen at 119.66 (50-DMA), above which gains could be extended to 120.00 levels. On the flip side, a break below 119.50 could drive the pair lower to 119.19 (100-DMA) levels.
Yen supported by weak treasury yields
A weaker-than-expected ADP data and PMI data released in the US on Wednesday pushed the 10-year Treasury yield in the US below 1.9%. The yield currently trades at 1.868%. Meanwhile, the 30-year yield is down 1.1 basis points at 2.464%. Consequently, the USD/JPY pair fell to 119.50 levels.
Given the absence of a major market moving data in the European session, we may not see much action in the USD/JPY pair. Fresh trigger – US weekly jobless claims and factory orders – are due in the US session.
USD/JPY Technical Levels
The immediate resistance is seen at 119.66 (50-DMA), above which gains could be extended to 120.00 levels. On the flip side, a break below 119.50 could drive the pair lower to 119.19 (100-DMA) levels.