7 Apr 2015
USD/JPY hits fresh session highs above 119.65
FXStreet (Mumbai) - USD/JPY trades modestly flat in Asian trading, extending gains beyond crucial 119.50 barrier, as the greenback managed to fight its way back versus its major competitors after the unfavourable non-farm payrolls slump.
USD/JPY supported above 10-DMA
Currently, the USD/JPY pair trades flat at 119.59 levels, bouncing-off session highs at 119.63 levels. The USD/JPY pair snapped NFP backed losses and edged higher in a bid to reclaim 120 handle. The yen remains vulnerable versus the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow, providing further impetus to USD/JPY.
However, a recovery seen in the 2-yr and 10-yr treasury yields also seems to boost the US dollar driving USD/JPY higher. Markets moved past downbeat NFP update as June Fed rate hike talks return to markets, supporting the greenback.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.80 (50-DMA) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119.22 (100-DMA) below that at 118.77 levels.
USD/JPY supported above 10-DMA
Currently, the USD/JPY pair trades flat at 119.59 levels, bouncing-off session highs at 119.63 levels. The USD/JPY pair snapped NFP backed losses and edged higher in a bid to reclaim 120 handle. The yen remains vulnerable versus the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow, providing further impetus to USD/JPY.
However, a recovery seen in the 2-yr and 10-yr treasury yields also seems to boost the US dollar driving USD/JPY higher. Markets moved past downbeat NFP update as June Fed rate hike talks return to markets, supporting the greenback.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.80 (50-DMA) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119.22 (100-DMA) below that at 118.77 levels.