7 Apr 2015
USD/JPY steadies above 119.50
FXStreet (Mumbai) - USD/JPY continues to trade in a narrow range in the European morning, shuffling between 119.50 - 119.65 range as the greenback remains supported versus its major competitors erasing NFP backed losses while markets now await BOJ’s monetary policy due tomorrow.
USD/JPY supported above 10-DMA
Currently, the USD/JPY trades almost unchanged at 119.58 levels, bouncing-off session highs at 119.67 levels. The USD/JPY pair snapped NFP backed losses and trades cautious, failing several attempt to break above 119.70 barrier.
The yen remains vulnerable versus the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow, providing further impetus to USD/JPY.
However, a recovery seen in the 2-yr and 10-yr treasury yields also seems to boost the US dollar driving USD/JPY higher. Markets moved past downbeat NFP update as June Fed rate hike talks return to markets, supporting the greenback.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.80 (50-DMA) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119.22 (100-DMA) below that at 118.77 levels.
USD/JPY supported above 10-DMA
Currently, the USD/JPY trades almost unchanged at 119.58 levels, bouncing-off session highs at 119.67 levels. The USD/JPY pair snapped NFP backed losses and trades cautious, failing several attempt to break above 119.70 barrier.
The yen remains vulnerable versus the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow, providing further impetus to USD/JPY.
However, a recovery seen in the 2-yr and 10-yr treasury yields also seems to boost the US dollar driving USD/JPY higher. Markets moved past downbeat NFP update as June Fed rate hike talks return to markets, supporting the greenback.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.80 (50-DMA) levels and above which it could extend gains 120 levels. To the downside immediate support might be located at 119.22 (100-DMA) below that at 118.77 levels.