10 Feb 2015
USD/JPY extends gains extends gains during US session
FXStreet (Mumbai) - The USD/JPY pair extended gains during the US session to hit a high of 119.60 as the strength in the Treasury yields and positive action in the US equity markets keeps Yen under pressure.
Yen weakens as US equities rise
The US equity markets opened on a positive note, with major indices up by half a percentage point. The DJIA currently trades 0.505 higher at 17,812 levels. The positive action pushed the USD/JPY higher to 119.60 levels.
However, the rally in the 10-year Treasury yields seem to have exhausted, as it struggles to extend gains beyond 2.00%. Thus, the pair has cooled off slightly to 119.37 levels. Furthermore, a rise in safe haven demand amid Greek debt issue may also cap gains in the Treasury yields and the USD/JPY pair.
USD/JPY Technical Levels
The pair has an immediate resistance located at 119.60 levels, above which the gains could be extended to 120.00 levels. On the flip side, a break below 119.20 levels could push the pair down to the hourly 50-SMA located at 118.66.
Yen weakens as US equities rise
The US equity markets opened on a positive note, with major indices up by half a percentage point. The DJIA currently trades 0.505 higher at 17,812 levels. The positive action pushed the USD/JPY higher to 119.60 levels.
However, the rally in the 10-year Treasury yields seem to have exhausted, as it struggles to extend gains beyond 2.00%. Thus, the pair has cooled off slightly to 119.37 levels. Furthermore, a rise in safe haven demand amid Greek debt issue may also cap gains in the Treasury yields and the USD/JPY pair.
USD/JPY Technical Levels
The pair has an immediate resistance located at 119.60 levels, above which the gains could be extended to 120.00 levels. On the flip side, a break below 119.20 levels could push the pair down to the hourly 50-SMA located at 118.66.