6 Mar 2015
USD/JPY dips below 120.00
FXStreet (Mumbai) - The USD/JPY pair has weakened to trade few pips below 120.00 ahead of the data in the US which could show the pace of job growth slowed down in February. The Yen has managed to strengthen despite strength in the USD against the EUR and GBP.
USD/JPY: 119 or 121?
The pair is likely to see wild swings post the non-farm payrolls release in the US. The data is likely to show the US economy added 235K jobs in February. A surprisingly strong number, coupled with upward revisions in the previous month’s figures could push the pair closer to 121.00 levels. On the other hand, an NFP print below 200K could result in sharp losses towards 119.00 levels.
So far, the gains in the JPY lack support of the Treasury yields, which are marginally higher. The 10-year yield is trading at 2.117%, while the 2-year is trading at 0.648%.
USD/JPY Technical Levels
The pair currently trades at 119.92; down 0.18% for the day. The immediate support is seen at 119.88 (5-DMA), under which losses could be extended to 119.58 (10-DMA). On the flip side, resistance is seen at 120.34, above which gains could be extended to 120.81 levels.
USD/JPY: 119 or 121?
The pair is likely to see wild swings post the non-farm payrolls release in the US. The data is likely to show the US economy added 235K jobs in February. A surprisingly strong number, coupled with upward revisions in the previous month’s figures could push the pair closer to 121.00 levels. On the other hand, an NFP print below 200K could result in sharp losses towards 119.00 levels.
So far, the gains in the JPY lack support of the Treasury yields, which are marginally higher. The 10-year yield is trading at 2.117%, while the 2-year is trading at 0.648%.
USD/JPY Technical Levels
The pair currently trades at 119.92; down 0.18% for the day. The immediate support is seen at 119.88 (5-DMA), under which losses could be extended to 119.58 (10-DMA). On the flip side, resistance is seen at 120.34, above which gains could be extended to 120.81 levels.