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4 May 2015
USD/JPY retreats from highs near 120.10
FXStreet (Mumbai) - The US dollar extends its choppy trend and trades mildly in red in the European morning, driving USD/JPY away from highs. However, rising shorter duration US treasury yields continues to buoy the US dollar, keeping the major underpinned.
USD/JPY deflates from 120.25
Currently, the USD/JPY pair trades flat at 120.07, retreating from close to three week highs at 120.25. The USD/JPY pair remains supported on the back of the latest upbeat US factory data and employment numbers which re-ignited June rate lift-off talks which pushed the near term treasury yields higher, eventually boosting the greenback across the board. The 2-yr treasury yield tests 0.60 %, recording a 3.44% gain on the day.
Meanwhile, traders now await US factory order due later in the day for further cues on the US dollar moves which may drive the USD/JPY pair. While the week is expected to be very busy for USD traders with NFP – key event.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.21 (Today’s High)) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 (Today’s Low) below that at 119.74 (April 13 Low) levels.
USD/JPY deflates from 120.25
Currently, the USD/JPY pair trades flat at 120.07, retreating from close to three week highs at 120.25. The USD/JPY pair remains supported on the back of the latest upbeat US factory data and employment numbers which re-ignited June rate lift-off talks which pushed the near term treasury yields higher, eventually boosting the greenback across the board. The 2-yr treasury yield tests 0.60 %, recording a 3.44% gain on the day.
Meanwhile, traders now await US factory order due later in the day for further cues on the US dollar moves which may drive the USD/JPY pair. While the week is expected to be very busy for USD traders with NFP – key event.
USD/JPY Technical Levels
To the upside, the next resistance is located at 120.21 (Today’s High)) levels and above which it could extend gains 120.50 levels. To the downside immediate support might be located at 120 (Today’s Low) below that at 119.74 (April 13 Low) levels.