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13 Apr 2015
USD/JPY retraces from 120.85
FXStreet (Mumbai) - USD/JPY extends gains and inches towards 121 handle during the European session, bolstered by firmer US treasury yields which continues to lift the US dollar against its major competitors amid a generalized risk on trades.
USD/JPY trades above 120.70
Currently, the USD/JPY pair trades higher by 0.47% at 120.76 levels, retreating from fresh four week highs at 120.85 levels. The USD/JPY pair edged higher largely on the USD strength backed by higher 10-yr and 2yr yields on US treasuries standing at 1.979% and 0.572% respectively, both gaining over 1.20%. The US dollar index hovers close to fresh 4-week highs near 100.15 levels gaining 0.51% on the day.
Moreover, extended yen weakness versus the greenback especially after a big miss on Chinese trade numbers also continues to drag the Asian counterpart lower.
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 121 levels and above which it could extend gains 121.20 levels. To the downside immediate support might be located at 120.50 below that at 120.10 (Today’s Low) levels.
USD/JPY trades above 120.70
Currently, the USD/JPY pair trades higher by 0.47% at 120.76 levels, retreating from fresh four week highs at 120.85 levels. The USD/JPY pair edged higher largely on the USD strength backed by higher 10-yr and 2yr yields on US treasuries standing at 1.979% and 0.572% respectively, both gaining over 1.20%. The US dollar index hovers close to fresh 4-week highs near 100.15 levels gaining 0.51% on the day.
Moreover, extended yen weakness versus the greenback especially after a big miss on Chinese trade numbers also continues to drag the Asian counterpart lower.
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 121 levels and above which it could extend gains 121.20 levels. To the downside immediate support might be located at 120.50 below that at 120.10 (Today’s Low) levels.