1 May 2015
USD/JPY testing weekly highs near 119.90
FXStreet (Mumbai) - The US dollar continues its upside bias in the European morning, lifting USD/JPY to fresh session highs, largely on the back of rising US treasury yields as traders gear up for the upcoming manufacturing PMIs – Final and ISM, and revised consumer sentiment which may provide fresh incentives on USD moves.
USD/JPY eyes 120 barrier
Currently, the USD/JPY pair trades higher by 0.37% at 119.84, attempting a bounce to 120 handle. The USD/JPY pair remains elevated and tests fresh weekly as the greenback remains supported on higher US treasury yields on both the longer duration and shorter duration notes. 10-yr treasury yields and the 2-yr one stands at 2.069% and 0.587% respectively, both gaining over 1%.
Moreover, the yen also trades subdued against the US dollar softer Japanese CPI print which showed sharp deceleration of the consumer price index in the Tokyo area from 2.2% y/y rise to a mere 0.4% in April.
Meanwhile, US economic releases will remain the major driver in the day ahead amid quiet European session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.92 (April 30 High)) levels and above which it could extend gains 120.10 (April 23 High) levels. To the downside immediate support might be located at 119.47 (Today’s Low) below that at 119 levels.
USD/JPY eyes 120 barrier
Currently, the USD/JPY pair trades higher by 0.37% at 119.84, attempting a bounce to 120 handle. The USD/JPY pair remains elevated and tests fresh weekly as the greenback remains supported on higher US treasury yields on both the longer duration and shorter duration notes. 10-yr treasury yields and the 2-yr one stands at 2.069% and 0.587% respectively, both gaining over 1%.
Moreover, the yen also trades subdued against the US dollar softer Japanese CPI print which showed sharp deceleration of the consumer price index in the Tokyo area from 2.2% y/y rise to a mere 0.4% in April.
Meanwhile, US economic releases will remain the major driver in the day ahead amid quiet European session.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.92 (April 30 High)) levels and above which it could extend gains 120.10 (April 23 High) levels. To the downside immediate support might be located at 119.47 (Today’s Low) below that at 119 levels.