18 Feb 2015
USD/JPY trades above 38.2% Fib level
FXStreet (Mumbai) - The USD/JPY pair rose above the 38.2% retracement of 117.16-120.46 located at 119.19, tracking the rise in the US 10-year Treasury yield ahead of the release of the Federal Reserve minutes later today.
USD/JPY: Doors open for 23.6% Fib level?
The pair could rise to the 23.6% retracement located at 119.68 levels as the Treasury yields could rise further in anticipation of the hawkish Fed minutes. The 10-year yield in the US currently trades at 2.143, after having recovered from the low of 2.1125 seen earlier today. The yield clocked a high of 2.164% before settling slightly lower, Consequently, the USD/JPY pair eased slightly from the day’s high of 119.39 to trade at 119.27 levels.
In the meantime, a string of US data like Housing starts, PPI, Industrial Production is due for release today. However, these data sets may not result in significant moves in the USD/JPY as markets are likely to wait for the Fed minutes before making big bets.
USD/JPY Technical Levels
The immediate resistance is seen at 119.68, above which it could rise to 120.00 levels. On the flip side, immediate support is seen at 119.20, under which the pair could re-test 118.82 levels.
USD/JPY: Doors open for 23.6% Fib level?
The pair could rise to the 23.6% retracement located at 119.68 levels as the Treasury yields could rise further in anticipation of the hawkish Fed minutes. The 10-year yield in the US currently trades at 2.143, after having recovered from the low of 2.1125 seen earlier today. The yield clocked a high of 2.164% before settling slightly lower, Consequently, the USD/JPY pair eased slightly from the day’s high of 119.39 to trade at 119.27 levels.
In the meantime, a string of US data like Housing starts, PPI, Industrial Production is due for release today. However, these data sets may not result in significant moves in the USD/JPY as markets are likely to wait for the Fed minutes before making big bets.
USD/JPY Technical Levels
The immediate resistance is seen at 119.68, above which it could rise to 120.00 levels. On the flip side, immediate support is seen at 119.20, under which the pair could re-test 118.82 levels.