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23 Feb 2015
USD/JPY rises to 38.2% Fib level
FXStreet (Mumbai) - The USD/JPY pair rose to 119.20, which is the 38.2% Fib retracement level of 117.15-120.46 after having bounced-off from the hourly 50-SMA located at 118.87 levels.
USD/JPY: gains capped at 119.40?
The pair could extend the gains above 119.20, although the immediate gains could be capped at the technical resistance seen on the hourly charts at 119.39-119.40. The pair retreated from the said level on 17th and 18th Feb. Hence the level could act as a strong resistance.
Moreover, the pair also lacks support from the 10-year Treasury yield, which are trading down by 3 basis points to 2.103%. Since no major data is due out of the Europe today, the pair is likely to take cues from the overall market sentiment.
USD/JPY Technical Levels
The pair currently trades at 119.20; up 0.15% for the day. The immediate resistance is seen at 119.40, above which gains could be extended to 119.68 (23.6% Fib retracement). On the flip side, support is seen at 118.81 and 118.42 levels.
USD/JPY: gains capped at 119.40?
The pair could extend the gains above 119.20, although the immediate gains could be capped at the technical resistance seen on the hourly charts at 119.39-119.40. The pair retreated from the said level on 17th and 18th Feb. Hence the level could act as a strong resistance.
Moreover, the pair also lacks support from the 10-year Treasury yield, which are trading down by 3 basis points to 2.103%. Since no major data is due out of the Europe today, the pair is likely to take cues from the overall market sentiment.
USD/JPY Technical Levels
The pair currently trades at 119.20; up 0.15% for the day. The immediate resistance is seen at 119.40, above which gains could be extended to 119.68 (23.6% Fib retracement). On the flip side, support is seen at 118.81 and 118.42 levels.