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10 Apr 2015
USD/JPY poised to end three week fall
FXStreet (Mumbai) - The USD/JPY, currently trading at its 5-DMA located at 120.09, is almost confirmed to end the current week higher, thereby ending the three weeks down trend.
Yen hurt by a rebound in the Treasury yields
The Japanese Yen came under pressure this week, as the Treasury yields recovered post NFP losses. The 10-year yield in the US recovered from the low of 1.802% seen on Monday to a high of 1.967% on Thursday. Consequently, the USD/JPY pair recovered from the post NFP low of 118.70 to a high of 120.72 on Thursday.
However, moderate weakness in the Treasury yields and technical correction ahead of the weekend has pushed the pair lower to its 5-DMA at 120.09.
USD/JPY Technical Levels
The immediate resistance is seen at the weekly high of 120.72, above which gains could be extended to 121.26 (March. 6 high). On the other hand, a break below 120.00 could drive the pair lower to 119.26 (100-DMA).
Yen hurt by a rebound in the Treasury yields
The Japanese Yen came under pressure this week, as the Treasury yields recovered post NFP losses. The 10-year yield in the US recovered from the low of 1.802% seen on Monday to a high of 1.967% on Thursday. Consequently, the USD/JPY pair recovered from the post NFP low of 118.70 to a high of 120.72 on Thursday.
However, moderate weakness in the Treasury yields and technical correction ahead of the weekend has pushed the pair lower to its 5-DMA at 120.09.
USD/JPY Technical Levels
The immediate resistance is seen at the weekly high of 120.72, above which gains could be extended to 121.26 (March. 6 high). On the other hand, a break below 120.00 could drive the pair lower to 119.26 (100-DMA).