22 Jan 2015
USD/JPY remains well supported by a rise in Treasury yields
FXStreet (Mumbai) - The USD/JPY rose above 118.00 levels, tracking rise in the Treasury yields in the US, although the gains appear capped around 118.30 levels.
The pair currently trades 0.12% higher for the day at 118.10 levels, compared to the previous session’s close at 117.96 levels. The pair has been trading above 118.00 levels since the Asian session today as the Treasury yields in the US inched higher. The 10-yr yield rose 3.5 basis points to 1.886%, while the 30-yr yield rose 4.5 basis points to 2.483%. However, the pair has faced rejection, twice on the hourly charts around 118.30 levels.
The Yen may strengthen during the European session, since major European index futures are showing signs of nervousness ahead of the European Central Bank meet.
USD/JPY Technical Levels
The immediate resistance is located at 118.34, above which gains could be extended to 118.85 levels. Meanwhile, support is seen at 118.00 and 117.66 (200-DMA) levels.
The pair currently trades 0.12% higher for the day at 118.10 levels, compared to the previous session’s close at 117.96 levels. The pair has been trading above 118.00 levels since the Asian session today as the Treasury yields in the US inched higher. The 10-yr yield rose 3.5 basis points to 1.886%, while the 30-yr yield rose 4.5 basis points to 2.483%. However, the pair has faced rejection, twice on the hourly charts around 118.30 levels.
The Yen may strengthen during the European session, since major European index futures are showing signs of nervousness ahead of the European Central Bank meet.
USD/JPY Technical Levels
The immediate resistance is located at 118.34, above which gains could be extended to 118.85 levels. Meanwhile, support is seen at 118.00 and 117.66 (200-DMA) levels.