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11 May 2015
USD/JPY surpasses 120.00
FXStreet (Mumbai) - The US dollar remains heavily bid versus the Japanese yen in the European session, with USD/JPY finally breaking above 120 handle, largely on the back of a rebound in US treasury yields which gave a further boost to the USD bulls.
USD/JPY hits fresh highs above 120
Currently, the USD/JPY pair trades 0.20% higher at fresh session highs of 120.04 finally ended the consolidation phase. The USD/JPY pair climbed further mainly driven by short and long term US treasury yields which recovered losses and turned in green this session. The yields on 10-yr and 2-yr treasuries stand at 2.16% and 0.58% both gaining nearly 0.50% on the day.
The USD/JPY pair remains underpinned supported by the recently released US labour market data which fuelled Fed rate-hike specualtion. The US dollar index which measures the relative strength of the greenback against six major currencies remains lifted near 95.20, up 0.30% on the day.
Meanwhile, the US calendar remains fairly light with US labour market conditions – the only data on cards. Hence, the pair is likely to remain boosted, riding higher on Friday’s jobs data release.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High) levels and above which it could extend gains 120.54 (May 5 High) levels. To the downside immediate support might be located at 119.72 (Today’s Low) below that at 119.18 (May 6 Low) levels.
USD/JPY hits fresh highs above 120
Currently, the USD/JPY pair trades 0.20% higher at fresh session highs of 120.04 finally ended the consolidation phase. The USD/JPY pair climbed further mainly driven by short and long term US treasury yields which recovered losses and turned in green this session. The yields on 10-yr and 2-yr treasuries stand at 2.16% and 0.58% both gaining nearly 0.50% on the day.
The USD/JPY pair remains underpinned supported by the recently released US labour market data which fuelled Fed rate-hike specualtion. The US dollar index which measures the relative strength of the greenback against six major currencies remains lifted near 95.20, up 0.30% on the day.
Meanwhile, the US calendar remains fairly light with US labour market conditions – the only data on cards. Hence, the pair is likely to remain boosted, riding higher on Friday’s jobs data release.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.30 (May 1 High) levels and above which it could extend gains 120.54 (May 5 High) levels. To the downside immediate support might be located at 119.72 (Today’s Low) below that at 119.18 (May 6 Low) levels.