6 Apr 2015
USD/JPY flirting with 119.00
FXStreet (Mumbai) - USD/JPY trades modestly flat above 119 barrier, extending its side trend from Asia as the US dollar attempts a recovery following Friday’s discouraging payrolls figures which pulled the pair to fresh one-week lows.
USD/JPY supported above 118.96
Currently, the USD/JPY trades flat at 119.04 levels, bouncing-off every dip to 118.96 levels. The recovery in USD/JPY continues to trade lifeless amid lack of fresh triggers as the US dollar tries to fight its way back across the board following a major sell-off after the US non-farm payrolls data came out below estimates. However, the upside remains capped by a strong resistance located 100-DMA around 119.20 levels.
The US non-farm payrolls figure came out at 126,000, below market estimates of 245,000 and lower than last month's revised 264,000. The unemployment rate stayed at 5.5%, while average hourly earnings rose 0.3% on a monthly basis and rose 2.1% on a yearly basis.
However, the bounce-back in USD/JPY seems limited as 10-yr treasury yields remains near fresh eight week lows around 1.830% on downbeat US data. The weaker report might defer the Fed to raise rates at its September meeting pushed the yields lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.21 (100-DMA) levels and above which it could extend gains 119.42 (10-DMA) levels. To the downside immediate support might be located at 118.96 below that at 118.69 levels.
USD/JPY supported above 118.96
Currently, the USD/JPY trades flat at 119.04 levels, bouncing-off every dip to 118.96 levels. The recovery in USD/JPY continues to trade lifeless amid lack of fresh triggers as the US dollar tries to fight its way back across the board following a major sell-off after the US non-farm payrolls data came out below estimates. However, the upside remains capped by a strong resistance located 100-DMA around 119.20 levels.
The US non-farm payrolls figure came out at 126,000, below market estimates of 245,000 and lower than last month's revised 264,000. The unemployment rate stayed at 5.5%, while average hourly earnings rose 0.3% on a monthly basis and rose 2.1% on a yearly basis.
However, the bounce-back in USD/JPY seems limited as 10-yr treasury yields remains near fresh eight week lows around 1.830% on downbeat US data. The weaker report might defer the Fed to raise rates at its September meeting pushed the yields lower.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.21 (100-DMA) levels and above which it could extend gains 119.42 (10-DMA) levels. To the downside immediate support might be located at 118.96 below that at 118.69 levels.