27 Apr 2015
USD/JPY re-tests daily highs on uptick in Treasury yields
FXStreet (Mumbai) - The USD/JPY rose back to the session high of 119.4, tracking moderate gains in the US long duration treasury yields.
Yen hurt by Japan downgrade and the rise in treasury yields
The Japanese Yen came under pressure earlier today after the rating agency Fitch downgraded Japan to ‘A’. The pair rose to a high of 119.40 before settling slightly lower to 119.20. However, with the rise in the Treasury yields, the pair made another attempt at 119.20 levels.
The 10-year Treasury yield ticked 1.6 basis points higher to 1.933%, thereby pulling the USD/JPY to 119.40 from 119.20 levels. It remains to be seen if the US traders aid their European peers in driving the USD/JPY to further highs.
USD/JPY Technical Levels
The immediate resistance is located at 119.50 (hourly 50-MA), above which gains could be extended to 120.08. On the flip side, a break below 119.22 (100-DMA), could push the pair back to the daily low of 118.76.
Yen hurt by Japan downgrade and the rise in treasury yields
The Japanese Yen came under pressure earlier today after the rating agency Fitch downgraded Japan to ‘A’. The pair rose to a high of 119.40 before settling slightly lower to 119.20. However, with the rise in the Treasury yields, the pair made another attempt at 119.20 levels.
The 10-year Treasury yield ticked 1.6 basis points higher to 1.933%, thereby pulling the USD/JPY to 119.40 from 119.20 levels. It remains to be seen if the US traders aid their European peers in driving the USD/JPY to further highs.
USD/JPY Technical Levels
The immediate resistance is located at 119.50 (hourly 50-MA), above which gains could be extended to 120.08. On the flip side, a break below 119.22 (100-DMA), could push the pair back to the daily low of 118.76.