Back
14 May 2015
USD/JPY lifeless above 119
FXStreet (Mumbai) - The US dollar extends its side trend against the Japanese yen in the early European session, with USD/JPY supported above 119 handle, as the strength in the US treasury yields offset the effects of broad US dollar weakness backed by downbeat US news.
USD/JPY faces stiff upside barrier at 100-DMA
Currently, the USD/JPY pair trades dead flat at 119.17, recovering from 119.10 fresh session lows. USD/JPY continues to waver around a flat line amid lack of fresh triggers during this data-dry EUR calendar while markets await a set of US macro releases, viz., US PPI and unemployment claims for further momentum.
Meanwhile, the US dollar resumed its downtrend against its major competitors with the DXY lower to the tune of -0.15%, trading at 93.60. However, a recovery seen in the US treasury yields, both shorter duration and longer duration, continues to support the USD/JPY pair at the moment.
The USD/JPY pair slumped in the previous session after poor retail sales data from the US raised concerns over America's economic recovery and the Fed's rate hike outlook, weighing on the US dollar against all major peers, including the Japanese yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.40 (100-DMA) levels and above which it could extend gains 119.63 (50-DMA) levels. To the downside immediate support might be located at119 below that at 118.80 (April 24 Low) levels.
USD/JPY faces stiff upside barrier at 100-DMA
Currently, the USD/JPY pair trades dead flat at 119.17, recovering from 119.10 fresh session lows. USD/JPY continues to waver around a flat line amid lack of fresh triggers during this data-dry EUR calendar while markets await a set of US macro releases, viz., US PPI and unemployment claims for further momentum.
Meanwhile, the US dollar resumed its downtrend against its major competitors with the DXY lower to the tune of -0.15%, trading at 93.60. However, a recovery seen in the US treasury yields, both shorter duration and longer duration, continues to support the USD/JPY pair at the moment.
The USD/JPY pair slumped in the previous session after poor retail sales data from the US raised concerns over America's economic recovery and the Fed's rate hike outlook, weighing on the US dollar against all major peers, including the Japanese yen.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.40 (100-DMA) levels and above which it could extend gains 119.63 (50-DMA) levels. To the downside immediate support might be located at119 below that at 118.80 (April 24 Low) levels.