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5 May 2015
USD/JPY continues to trade range bound
FXStreet (Mumbai) - The USD/JPY continues to trade in the range of 120.30-119.98 despite the rise in the Treasury yield to 7-week high.
USD/JPY: dollar unresponsive to rise in the Treasury yields
The 10-year Treasury yield in the US rose to a 7-week high of 2.155% in the Asian session. However, the USD has been relatively unresponsive to the rise in the yields. The USD/JPY pair, which usually moves in tandem with the long yields, remains stuck in the narrow range.
It remains to be seen if the pair manages to breach the narrow range after the release of the US services PMI data later today in the North American session.
USD/JPY Technical Levels
The immediate resistance is located at 120.27, above which gains could be extended to 120.82. On the flip side, a break below 119.87 (50-DMA), could drive the pair lower to 119.45 (10-DMA).
USD/JPY: dollar unresponsive to rise in the Treasury yields
The 10-year Treasury yield in the US rose to a 7-week high of 2.155% in the Asian session. However, the USD has been relatively unresponsive to the rise in the yields. The USD/JPY pair, which usually moves in tandem with the long yields, remains stuck in the narrow range.
It remains to be seen if the pair manages to breach the narrow range after the release of the US services PMI data later today in the North American session.
USD/JPY Technical Levels
The immediate resistance is located at 120.27, above which gains could be extended to 120.82. On the flip side, a break below 119.87 (50-DMA), could drive the pair lower to 119.45 (10-DMA).