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6 May 2015
USD/JPY recovers from session lows
FXStreet (Mumbai) - The USD/JPY pair has slightly recovered from the daily low of 119.63, as the USD takes a breather after being offered heavily across the board ahead of the European session.
USD/JPY drops amid rise in Treasury yields
The pair fell from a high of 120.03 despite the uptick in the long-end treasury yields. The 10-year currently trades higher by 4.7 basis points at 2.182% despite which the US dollar has been unable to strengthen. Furthermore, the sell-off also contradicts the better-than-expected services PMI report released in the US on Tuesday.
Moreover, the USD is being sold across the board as the rise in the Treasury yields has been somewhat slower than the rise witnessed in the European bond yields. The Japanese Yen appears to have benefited from the broader market trend.
USD/JPY Technical Levels
The pair currently trades at 119.71. The immediate resistance is located at 119.83 (50-DMA), above which gains could be extended to 120.48 (May. 5 high). On the flip side, a break below 119.55 could see the pair test its 100-DMA at 119.23.
USD/JPY drops amid rise in Treasury yields
The pair fell from a high of 120.03 despite the uptick in the long-end treasury yields. The 10-year currently trades higher by 4.7 basis points at 2.182% despite which the US dollar has been unable to strengthen. Furthermore, the sell-off also contradicts the better-than-expected services PMI report released in the US on Tuesday.
Moreover, the USD is being sold across the board as the rise in the Treasury yields has been somewhat slower than the rise witnessed in the European bond yields. The Japanese Yen appears to have benefited from the broader market trend.
USD/JPY Technical Levels
The pair currently trades at 119.71. The immediate resistance is located at 119.83 (50-DMA), above which gains could be extended to 120.48 (May. 5 high). On the flip side, a break below 119.55 could see the pair test its 100-DMA at 119.23.