30 Mar 2015
USD/JPY lifted around 119.70
FXStreet (Mumbai) - The US dollar continues to hammer the Japanese currency in the European morning, taking USD/JPY well above 10-DMA as the US dollar was seen strengthening across the board.
USD/JPY rises above 50-DMA
Currently, the USD/JPY trades marginally higher by 0.47% at 119.72 levels, rebounding sharply from 119 handle. USD/JPY edged higher mainly as te crucial resistance level was breached at 119.50 levels, opening doors for a retest of 120 barrier. Moreover, firming treasury yields on both 10-yr and 2-yr on hawkish Yellen’s comments also boosts the USD, pushing USD/JPY higher.
Moreover, recent weak Japanese data continues to undermine the Japanese currency, adding to the gains in the main currency pair.
Meanwhile, traders now turn their attention towards crucial US macro data including Core PCE Price index figures and pending home sales data for further direction in the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.33 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 119, below that at 118.65 levels.
USD/JPY rises above 50-DMA
Currently, the USD/JPY trades marginally higher by 0.47% at 119.72 levels, rebounding sharply from 119 handle. USD/JPY edged higher mainly as te crucial resistance level was breached at 119.50 levels, opening doors for a retest of 120 barrier. Moreover, firming treasury yields on both 10-yr and 2-yr on hawkish Yellen’s comments also boosts the USD, pushing USD/JPY higher.
Moreover, recent weak Japanese data continues to undermine the Japanese currency, adding to the gains in the main currency pair.
Meanwhile, traders now turn their attention towards crucial US macro data including Core PCE Price index figures and pending home sales data for further direction in the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.33 (Today’s High) levels and above which it could extend gains 119.85 (March 25 High) levels. To the downside immediate support might be located at 119, below that at 118.65 levels.