12 Feb 2015
USD/JPY falls back to 119.50 on weak US data
FXStreet (Mumbai) - The Japanese Yen strengthened against its US counterpart, pushing the USD/JPY pair back below 119.50 levels after the data in the US showed retail sales in January declined more than expected, while the weekly initial jobless claims rose above 300K in the last week.
Weak data pushed yields lower
The 10-year Treasury yields in the US trimmed gains to 1.998% from the day’s high of 2.049% on a weaker-than-expected economic data. The initial jobless claims in the US rose by 304K in the previous week, beating the expected rise of 287K. Meanwhile, the advance retail sales fell 0.8%, missing the expected fall of 0.4%.
The weakness in the Treasury yields pushed the USD/JPY lower to 119.36 levels from the pre-data high of 119.87.
USD/JPY Technical Levels
At the moment, the pair trades 0.86% lower at 119.40. The immediate support is seen at 119.09, under which losses could be extended to 118.72 levels. On the flip side, a rise above 119.57 could see the pair re-test hourly 50-SMA at 119.78 levels.
Weak data pushed yields lower
The 10-year Treasury yields in the US trimmed gains to 1.998% from the day’s high of 2.049% on a weaker-than-expected economic data. The initial jobless claims in the US rose by 304K in the previous week, beating the expected rise of 287K. Meanwhile, the advance retail sales fell 0.8%, missing the expected fall of 0.4%.
The weakness in the Treasury yields pushed the USD/JPY lower to 119.36 levels from the pre-data high of 119.87.
USD/JPY Technical Levels
At the moment, the pair trades 0.86% lower at 119.40. The immediate support is seen at 119.09, under which losses could be extended to 118.72 levels. On the flip side, a rise above 119.57 could see the pair re-test hourly 50-SMA at 119.78 levels.