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14 Apr 2015
USD/JPY drops to fresh weekly lows near 119.60
FXStreet (Mumbai) - The US dollar struggles to regain lost ground versus the yen as USD/JPY remains near lows awaiting fresh cues from the upcoming US macro data which offer some respite to the greenback.
USD/JPY eyes 100-DMA
Currently, the USD/JPY pair trades lower by -0.40% at 119.67 levels, hovering near fresh one-week lows posted at 119.63. The USD/JPY pair keeps losses as the yen remains supported on Japan’s Hamada’s pro exchange rate comments.
Moreover, USD/JPY continues to remain undermined as the weakness in 10-yr and 2yr yields on US treasuries standing at 1.912% and 0.536% respectively, continues to weigh on the pair. The US dollar index trades muted at 99.74 levels.
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 eyes 100-DMA
Currently, the USD/JPY pair trades lower by -0.40% at 119.67 levels, hovering near fresh one-week lows posted at 119.63. The USD/JPY pair keeps losses as the yen remains supported on Japan’s Hamada’s pro exchange rate comments.
Moreover, USD/JPY continues to remain undermined as the weakness in 10-yr and 2yr yields on US treasuries standing at 1.912% and 0.536% respectively, continues to weigh on the pair. The US dollar index trades muted at 99.74 levels.
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.