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12 Mar 2015
USD/JPY pair back to square one
FXStreet (Mumbai) - The USD/JPY has recovered from post US Advance retail sales low of 120.68 to trade at 121.00 levels, despite the weakness in the US treasury yields. The upbeat weekly jobless claims data made sure the USD recovers losses against its peers.
USD/JPY: back to 121.00
The pair is trading closer to 121.00 levels as the labor department data in the US showed the initial jobless claims in the last week fell by 36K to a three-week low of 289K. The previous figure was revised to 325K. The economists had called for 305K new applications. The upbeat data helped the USD recover losses, which were triggered by another 0.6% contraction in the February retail sales figure.
It remains to be if the pair retains 121.00 levels despite the weakness in the US Treasury yields. The 10-year yield now trades 5.8 basis points lower at 2.058%.
USD/JPY Technical Levels
The immediate resistance is seen at 121.40, above which the pair could rise to 122.00 levels. On the flip side, a break below 120.80 could drive the pair lower to 120.46 levels.
USD/JPY: back to 121.00
The pair is trading closer to 121.00 levels as the labor department data in the US showed the initial jobless claims in the last week fell by 36K to a three-week low of 289K. The previous figure was revised to 325K. The economists had called for 305K new applications. The upbeat data helped the USD recover losses, which were triggered by another 0.6% contraction in the February retail sales figure.
It remains to be if the pair retains 121.00 levels despite the weakness in the US Treasury yields. The 10-year yield now trades 5.8 basis points lower at 2.058%.
USD/JPY Technical Levels
The immediate resistance is seen at 121.40, above which the pair could rise to 122.00 levels. On the flip side, a break below 120.80 could drive the pair lower to 120.46 levels.