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2 Mar 2015
Rising treasury yields boosts USD/JPY to fresh 3-week highs , 120 in sight
FXStreet (Mumbai) - USD/JPY remained elevated in the mid-Asian session, hovering near fresh three-week highs, largely backed by a stronger US dollar across its major counterparts.
USD/JPY faces stiff resistance at 119.90 levels
Currently, the USD/JPY traded 0.23% higher at 119.86 levels, pulling away slightly from fresh three-week highs reached at 119.96 some time ago. USD/JPY held firmly higher this session, remaining in sync with rising yields on the 10—year US treasuries which sustains above 2%, gaining almost 0.33% on the day, boosting the USD bulls.
Moreover, USD/JPY continues to ride higher on upbeat US growth numbers released on Friday which showed that US GDP expanded 2.2% in the fourth quarter, beating expectations of a 2% reading. The economy grew at a 5% rate in the third quarter.
Meanwhile, traders now turn their focus on US macro data due for release later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.84 levels. To the downside immediate support might be located at 119 levels, below that at 118.52 (50-DMA) levels.
USD/JPY faces stiff resistance at 119.90 levels
Currently, the USD/JPY traded 0.23% higher at 119.86 levels, pulling away slightly from fresh three-week highs reached at 119.96 some time ago. USD/JPY held firmly higher this session, remaining in sync with rising yields on the 10—year US treasuries which sustains above 2%, gaining almost 0.33% on the day, boosting the USD bulls.
Moreover, USD/JPY continues to ride higher on upbeat US growth numbers released on Friday which showed that US GDP expanded 2.2% in the fourth quarter, beating expectations of a 2% reading. The economy grew at a 5% rate in the third quarter.
Meanwhile, traders now turn their focus on US macro data due for release later in the day for further momentum on the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.50 levels and above which it could extend gains 119.84 levels. To the downside immediate support might be located at 119 levels, below that at 118.52 (50-DMA) levels.