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12 Mar 2015
USD/JPY weakens ahead of the European session
FXStreet (Mumbai) - The USD/JPY pair fell into losses after having set a daily high of 121.65 earlier today as the weakness in the Treasury yields and overnight losses in the US equities supported the Yen.
USD/JPY: drops below hourly 50-MA
The pair weakened to trade below the hourly 50-MA located at 121.40 levels. Moreover, the pair failed for the third consecutive session on Wednesday to sustain gains above 121.40 levels. The sell-off from the high of 121.65 witnessed today was partly driven by the weakness in the US Treasury yields. The 10-year yield is down 1 basis points to 2.10%.
The Japanese Yen could extend gains further if the European equities turn risk averse. The Treasury yields, too, could extend losses tracking the decline in the European yields due to the ECB’s QE.
USD/JPY Technical Levels
The immediate support is seen at 121.00, under which another major support is seen at 120.80 levels. On the other hand, resistance is seen at 121.40 (hourly 50-MA) and 121.65 levels.
USD/JPY: drops below hourly 50-MA
The pair weakened to trade below the hourly 50-MA located at 121.40 levels. Moreover, the pair failed for the third consecutive session on Wednesday to sustain gains above 121.40 levels. The sell-off from the high of 121.65 witnessed today was partly driven by the weakness in the US Treasury yields. The 10-year yield is down 1 basis points to 2.10%.
The Japanese Yen could extend gains further if the European equities turn risk averse. The Treasury yields, too, could extend losses tracking the decline in the European yields due to the ECB’s QE.
USD/JPY Technical Levels
The immediate support is seen at 121.00, under which another major support is seen at 120.80 levels. On the other hand, resistance is seen at 121.40 (hourly 50-MA) and 121.65 levels.