7 Apr 2015
USD/JPY hits a session high of 120.04
FXStreet (Mumbai) - The bid tone on the US dollar got more pronounced, thereby pushing the USD/JPY pair higher to 120.04 levels.
USD/JPY: lacks support from Treasury yields
The pair clocked an intraday high of 120.04, although it lacks support from the dead flat treasury yields. The 10-year yield in the US is trading largely unchanged at 1.906%, despite which the pair rose more than 50 pips since the Asian session.
Moreover, the pair has recovered its entire post-NFP losses as it recovered from 118.70 to set a session high of 120.04 today. Given the absence of major market moving US data, we are likely to see the pair move in line with the overall market sentiment.
USD/JPY Technical Levels
The immediate resistance is seen at 120.46 (Feb. 11 high), above which gains could be extended to 120.81 (Dec. 23 high). On the flip side, a break below 119.76 (50-DMA), could drive the pair lower to 119.20 (100-DMA).
USD/JPY: lacks support from Treasury yields
The pair clocked an intraday high of 120.04, although it lacks support from the dead flat treasury yields. The 10-year yield in the US is trading largely unchanged at 1.906%, despite which the pair rose more than 50 pips since the Asian session.
Moreover, the pair has recovered its entire post-NFP losses as it recovered from 118.70 to set a session high of 120.04 today. Given the absence of major market moving US data, we are likely to see the pair move in line with the overall market sentiment.
USD/JPY Technical Levels
The immediate resistance is seen at 120.46 (Feb. 11 high), above which gains could be extended to 120.81 (Dec. 23 high). On the flip side, a break below 119.76 (50-DMA), could drive the pair lower to 119.20 (100-DMA).