9 Apr 2015
USD/JPY off highs near 120.30
FXStreet (Mumbai) - USD/JPY extends overnight gains and hovers near highs above 120 handle, as the US dollar remains supported by the latest FOMC minutes which turned out to be quite hawkish as Fed officials remain divided on a June rate lift-off.
USD/JPY holds above 120
Currently, the USD/JPY pair trades 0.15% higher at 120.31 levels, retreating from 120.39 highs posted some minutes ago. The USD/JPY pair posed a solid come-back in the US last session, rising back to highs at 120.30 levels on FOMC minutes release. The pair continues its upward moves and eyes critical resistance at 120.50 levels as investors continue to digest the Fed minutes which showed a split of FOMC members regarding a June rate hike.
Rising near-term treasury yields on hawkish minutes continue to push USD/JPY, as bets surrounding June rate-hike is back on table. 2-yr treasury yields rose to 0.540%, up 1.47% on the day. Meanwhile, markets may now await US employment data amid a data- light session ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.39 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 below that at 119.86 (50-DMA) levels.
USD/JPY holds above 120
Currently, the USD/JPY pair trades 0.15% higher at 120.31 levels, retreating from 120.39 highs posted some minutes ago. The USD/JPY pair posed a solid come-back in the US last session, rising back to highs at 120.30 levels on FOMC minutes release. The pair continues its upward moves and eyes critical resistance at 120.50 levels as investors continue to digest the Fed minutes which showed a split of FOMC members regarding a June rate hike.
Rising near-term treasury yields on hawkish minutes continue to push USD/JPY, as bets surrounding June rate-hike is back on table. 2-yr treasury yields rose to 0.540%, up 1.47% on the day. Meanwhile, markets may now await US employment data amid a data- light session ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.39 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 below that at 119.86 (50-DMA) levels.