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9 Apr 2015
USD/JPY drops below 120.00
FXStreet (Mumbai) - The USD/JPY pair has dropped to 119.97 extending the steady declining trend seen in the European session, amid marginally weakness in the US Treasury yields.
Rejected near 120.40 area
The pair was rejected at 120.37 levels earlier today, making this a fourth rejection around 120.40 levels since the beginning of the current month. The Japanese Yen strengthened amid a slight decline in the Treasury yields. However, technical failure could be more responsible for a 40-pip sell-off from the daily high.
Ahead in the data, we could see the bid tone on the Yen get more pronounced in case the weekly jobless claims data in the US fail to meet the consensus estimates.
USD/JPY Technical Levels
The immediate support is seen at 119.81 (50-DMA), under which losses could be extended to 119.23 (100-DMA). On the flip side, a break above 120.40-120.43 could drive the pair higher to 121.00 levels.
Rejected near 120.40 area
The pair was rejected at 120.37 levels earlier today, making this a fourth rejection around 120.40 levels since the beginning of the current month. The Japanese Yen strengthened amid a slight decline in the Treasury yields. However, technical failure could be more responsible for a 40-pip sell-off from the daily high.
Ahead in the data, we could see the bid tone on the Yen get more pronounced in case the weekly jobless claims data in the US fail to meet the consensus estimates.
USD/JPY Technical Levels
The immediate support is seen at 119.81 (50-DMA), under which losses could be extended to 119.23 (100-DMA). On the flip side, a break above 120.40-120.43 could drive the pair higher to 121.00 levels.