Back
14 Apr 2015
USD/JPY: Yen prints fresh 4-day highs below 119.70
FXStreet (Mumbai) - The yen continues its winning streak versus the US dollar heading in to the European opening bells, with USD/JPY breaking below the key 120.70 support as the Japanese PM's adviser - Koichi Hamada’s pro-JPY comments continue to bolster the domestic currency.
USD/JPY trades at 20-DMA
Currently, the USD/JPY pair trades lower by -0.32% at 119.74 levels, retreating from four day lows posted at 119.68. The USD/JPY pair fell further in to losses as a renewed bid wave caught the yen while markets continue to cheer Japan’s Hamada’s comments that yen at 105 per dollar would be appropriate and that he doesn't think yen will drop much further.
Moreover, USD/JPY continues to remain undermined despite a mild rebound in the USD as the weakness in 10-yr and 2yr yields on US treasuries standing at 1.921% and 0.536% respectively, drags the pair lower. The US dollar index trades higher near 99.90 levels, up 0.12% on the day.
Meanwhile, this week's schedule offers plenty of data to watch, with US production and retail sales in focus as well as China's GDP to provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.18 (5-DMA) levels and above which it could extend gains 120.88 (April 13 High) levels. To the downside immediate support might be located at 119.35 (100-DMA) below that at 119 levels.
USD/JPY trades at 20-DMA
Currently, the USD/JPY pair trades lower by -0.32% at 119.74 levels, retreating from four day lows posted at 119.68. The USD/JPY pair fell further in to losses as a renewed bid wave caught the yen while markets continue to cheer Japan’s Hamada’s comments that yen at 105 per dollar would be appropriate and that he doesn't think yen will drop much further.
Moreover, USD/JPY continues to remain undermined despite a mild rebound in the USD as the weakness in 10-yr and 2yr yields on US treasuries standing at 1.921% and 0.536% respectively, drags the pair lower. The US dollar index trades higher near 99.90 levels, up 0.12% on the day.
Meanwhile, this week's schedule offers plenty of data to watch, with US production and retail sales in focus as well as China's GDP to provide further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.18 (5-DMA) levels and above which it could extend gains 120.88 (April 13 High) levels. To the downside immediate support might be located at 119.35 (100-DMA) below that at 119 levels.