24 Feb 2015
USD/JPY hits session high on Yellen speech
FXStreet (Barcelona) - The USD/JPY pair rose to a high of 119.82 levels along with the rise in the Treasury yields after the Fed chairwoman Janet Yellen said interest rates could rise at any meeting once the forward guidance is changed.
US rates rise, Yen falls on Yellen’s comments
The 10-year Treasury yield hit a high of 2.108%, which pushed the USD/JPY pair higher to 119.82 levels after Yellen said Fed will change its forward guidance before raising rates, while mentioning that a lift-off from the record low interest rates is possible at any meeting post the change in forward guidance. Yellen did mention that “patent” means lift-off unlikely in the next couple of meetings. However, the initial reaction to “lift-off possible at any meeting post change in forward guidance” pushed the USD/JPY pair higher.
USD/JPY Technical Levels
The immediate resistance is seen at 120.00, above which the pair could test 120.46 levels. On the flip side, a break below support at 119.40, could push the pair down to 119.00 levels.
US rates rise, Yen falls on Yellen’s comments
The 10-year Treasury yield hit a high of 2.108%, which pushed the USD/JPY pair higher to 119.82 levels after Yellen said Fed will change its forward guidance before raising rates, while mentioning that a lift-off from the record low interest rates is possible at any meeting post the change in forward guidance. Yellen did mention that “patent” means lift-off unlikely in the next couple of meetings. However, the initial reaction to “lift-off possible at any meeting post change in forward guidance” pushed the USD/JPY pair higher.
USD/JPY Technical Levels
The immediate resistance is seen at 120.00, above which the pair could test 120.46 levels. On the flip side, a break below support at 119.40, could push the pair down to 119.00 levels.