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6 May 2015
USD/JPY eases-off 120, back to 119.90
FXStreet (Mumbai) - The US dollar advanced versus the yen in the mid Asian trades, lifting USD/JPY to fresh session highs just ahead of 120 handle, largely as the USD bulls jumped back into the bulls after retreating on Tuesday after mixed US services PMI and ISM non-manufacturing PMI dragged the US dollar lower across the board.
USD/JPY hovers below 120
Currently, the USD/JPY pair trades modestly flat in green at 119.93, retreating from fresh session highs reached at 120.05 some time ago. The USD/JPY pair remains supported largely on the back of a rebound seen in the shorter duration and longer duration treasury yields, with the 2-yr yields well above 0.62 %, up 4.67% so far and 10-yr yields at 2.18%, recording a 2.19% gain on the day.
USD/JPY fell in to red in the previous session and closed below 120 barrier after mixed set of US macro data fuelled concerns over US economic recovery and thus halted the post-FOMC rebound in the US dollar, weighing on the major.
Meanwhile, traders now await US ADP non-farm employment change data together with Fed Chair Yellen’s speech due later in the day for further cues on the US dollar moves. While the major highlight for the week remains NFP due on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High)) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.71 (May 5 Low) below that at 119.34 (May 1 Low) levels.
USD/JPY hovers below 120
Currently, the USD/JPY pair trades modestly flat in green at 119.93, retreating from fresh session highs reached at 120.05 some time ago. The USD/JPY pair remains supported largely on the back of a rebound seen in the shorter duration and longer duration treasury yields, with the 2-yr yields well above 0.62 %, up 4.67% so far and 10-yr yields at 2.18%, recording a 2.19% gain on the day.
USD/JPY fell in to red in the previous session and closed below 120 barrier after mixed set of US macro data fuelled concerns over US economic recovery and thus halted the post-FOMC rebound in the US dollar, weighing on the major.
Meanwhile, traders now await US ADP non-farm employment change data together with Fed Chair Yellen’s speech due later in the day for further cues on the US dollar moves. While the major highlight for the week remains NFP due on Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High)) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 119.71 (May 5 Low) below that at 119.34 (May 1 Low) levels.