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31 Mar 2015
USD/JPY flattish above 120
FXStreet (Mumbai) - USD/JPY trades around a flat line in mid-Asian session, holding on above 120 levels, as the US dollar took a breather in its rally after the recent run-up seen in the US last session on upbeat US macro data.
USD/JPY capped by 20-DMA
Currently, the USD/JPY trades modestly flat at 120.14 levels, having posted day’s high at 120.36 and day’s low at 120.03. USD/JPY consolidates gains from the previous session following above estimates US economic releases which surprised the markets on the upside and boosted the USD bulls across the board.
The pair erased previous gains and remains muted as markets resort to profit-taking on their USD longs after the recent upsurge. Also, weaker treasury yields on both 10-yr and 2-yr fail to support the greenback, pushing USD/JPY lower.
Meanwhile, traders now turn their attention towards US macro data including consumer confidence figures and Chicago PMI reading for further direction in the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.40 (20-DMA) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.88, below that at 119.50 levels.
USD/JPY capped by 20-DMA
Currently, the USD/JPY trades modestly flat at 120.14 levels, having posted day’s high at 120.36 and day’s low at 120.03. USD/JPY consolidates gains from the previous session following above estimates US economic releases which surprised the markets on the upside and boosted the USD bulls across the board.
The pair erased previous gains and remains muted as markets resort to profit-taking on their USD longs after the recent upsurge. Also, weaker treasury yields on both 10-yr and 2-yr fail to support the greenback, pushing USD/JPY lower.
Meanwhile, traders now turn their attention towards US macro data including consumer confidence figures and Chicago PMI reading for further direction in the pair.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.40 (20-DMA) levels and above which it could extend gains 121 levels. To the downside immediate support might be located at 119.88, below that at 119.50 levels.