Back
24 Feb 2015
USD/JPY rises above 119.00
FXStreet (Mumbai) - The USD/JPY pair recovered from the low of 118.78 to trade at 119.18 levels, tracking the slight rise in the US Treasury yields ahead of the Fed Chair. Janet Yellen’s testimony to congress later today.
Yen weakens as the 10-year Treasury yields rise
The Japanese Yen came under pressure as the yield on the 10-year Treasury note in the US rose 2 basis points to trade at 2.077%. Moreover, the yield recovered from the low of 2.057% seen in the late North American session yesterday. The pair could see bouts of strength and weakness as markets weigh in the possibility of Yellen turning hawkish/dovish with regards to the timing of interest rate hike in the US.
Meanwhile, a disappointing German Q4 GDP due for release in few minutes could trigger risk aversion and support the Yen. However, the overall focus would remain on Janet Yellen’s comments later today.
USD/JPY Technical Levels
The immediate resistance is seen at 119.40, above which gains could be extended to 120.0 levels. On the flip side, support is seen at 118.80 and 118.42 levels.
Yen weakens as the 10-year Treasury yields rise
The Japanese Yen came under pressure as the yield on the 10-year Treasury note in the US rose 2 basis points to trade at 2.077%. Moreover, the yield recovered from the low of 2.057% seen in the late North American session yesterday. The pair could see bouts of strength and weakness as markets weigh in the possibility of Yellen turning hawkish/dovish with regards to the timing of interest rate hike in the US.
Meanwhile, a disappointing German Q4 GDP due for release in few minutes could trigger risk aversion and support the Yen. However, the overall focus would remain on Janet Yellen’s comments later today.
USD/JPY Technical Levels
The immediate resistance is seen at 119.40, above which gains could be extended to 120.0 levels. On the flip side, support is seen at 118.80 and 118.42 levels.