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9 Apr 2015
USD/JPY poised to test 120
FXStreet (Mumbai) - USD/JPY erased previous gains and trades muted during the mid-European session, despite the prolonged uptrend seen in the US dollar riding higher on the wave of hawkish FOMC minutes released yesterday.
USD/JPY drops from 120.20
Currently, the USD/JPY pair flat at fresh session lows 120.07 levels, retreating from 120.39 highs posted in Asian trading. The USD/JPY pair wiped out all FOMC backed gains and turned mildly in negative territory largely on the back of a retreat seen in the longer duration and shorter duration treasury yields which will eventually drag the US dollar lower.
The US dollar index also moved away from session highs at 98.71 levels and retraced to 98.58. Meanwhile, markets may now await US employment data amid a data- light session ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.39 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 below that at 119.86 (50-DMA) levels.
USD/JPY drops from 120.20
Currently, the USD/JPY pair flat at fresh session lows 120.07 levels, retreating from 120.39 highs posted in Asian trading. The USD/JPY pair wiped out all FOMC backed gains and turned mildly in negative territory largely on the back of a retreat seen in the longer duration and shorter duration treasury yields which will eventually drag the US dollar lower.
The US dollar index also moved away from session highs at 98.71 levels and retraced to 98.58. Meanwhile, markets may now await US employment data amid a data- light session ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.39 (Today’s High) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 below that at 119.86 (50-DMA) levels.