29 Apr 2015
USD/JPY rebounds to 119.20
FXStreet (Mumbai) - The resilience in the US Treasury yields ensured the USD/JPY pair recovered from the post-US GDP fall to trade at 119.20 levels.
USD/JPY: Back at 100-DMA as the ten-year treasury yield rises to 2.08%
The USD/JPY pair recovered from the post US GDP low of 118.88 to trade at its 100-DMA located at 119.19. The Yen failed to capitalize on a weaker-than-expected US first quarter GDP report as the ten-year Treasury yield rose to a high of 2.08%. Moreover, the yields at the long-end of the treasury market curve hardened despite weak GDP report. The USD/.JPY pair is known to have a direct correlation with the long duration treasury yield in the US.
The investors now await the US FOMC policy statement, which is widely expected to sound dovish with regards to the timing of the interest rate hike in the US.
USD/JPY Technical Levels
The immediate resistance is located at 119.42 (Apr. 27 high), above which gains could be extended to 119.895 (50-DMA0. On the flip side, a failure to sustain above its 100-DMA at 119.19 could push the pair down to its daily low of 118.74.
USD/JPY: Back at 100-DMA as the ten-year treasury yield rises to 2.08%
The USD/JPY pair recovered from the post US GDP low of 118.88 to trade at its 100-DMA located at 119.19. The Yen failed to capitalize on a weaker-than-expected US first quarter GDP report as the ten-year Treasury yield rose to a high of 2.08%. Moreover, the yields at the long-end of the treasury market curve hardened despite weak GDP report. The USD/.JPY pair is known to have a direct correlation with the long duration treasury yield in the US.
The investors now await the US FOMC policy statement, which is widely expected to sound dovish with regards to the timing of the interest rate hike in the US.
USD/JPY Technical Levels
The immediate resistance is located at 119.42 (Apr. 27 high), above which gains could be extended to 119.895 (50-DMA0. On the flip side, a failure to sustain above its 100-DMA at 119.19 could push the pair down to its daily low of 118.74.