5 Jun 2015
USD/JPY hovers around 120.50
FXStreet (Mumbai) - The USD/JPY pair trades around 120.50 after having witnessed a highly volatile trading in the previous session on the back of sharp moves in the treasury yields.
Yen unresponsive to Japanese chamber of commerce comments
The USD/JPY pair ignored the reports from Kyodo news, which quoted Japanese Chamber of Commerce saying that further weakness in the Yen is undesirable. The details of the comments are yet to come through wires, however, the headlines has failed to have any major impact in the pair.
Moreover, the 2.9 basis point uptick in the US 10-year treasury yield is supporting the USD/JPY pair. Ahead in the day, the pair could take cues from the movement in the treasury yields and monthly non-farm payrolls data in the US.
USD/JPY Technical Levels
The immediate resistance is located at 124.70, above which gains could be extended to 125.04 levels. On the flip side, a break below 124.00 could push the pair down to 123.60.
Yen unresponsive to Japanese chamber of commerce comments
The USD/JPY pair ignored the reports from Kyodo news, which quoted Japanese Chamber of Commerce saying that further weakness in the Yen is undesirable. The details of the comments are yet to come through wires, however, the headlines has failed to have any major impact in the pair.
Moreover, the 2.9 basis point uptick in the US 10-year treasury yield is supporting the USD/JPY pair. Ahead in the day, the pair could take cues from the movement in the treasury yields and monthly non-farm payrolls data in the US.
USD/JPY Technical Levels
The immediate resistance is located at 124.70, above which gains could be extended to 125.04 levels. On the flip side, a break below 124.00 could push the pair down to 123.60.