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4 Mar 2015
USD/JPY well bid above 119.50
FXStreet (Mumbai) - The Japanese yen defend mild gains against the US dollar in the mid-Asian session, as the safe haven asset continues to ride higher on Japanese wage growth data, while traders gear up for the US ADP employment change figures due out later today.
USD/JPY bounces-off 119.50 levels
Currently, the USD/JPY traded -0.11% lower at 119.61 levels, consolidating in a tight band between 119.50-119.68 levels. The pair continues to trade choppy as Fed Yellen’s comments and Chinese services PMI data failed to spur volatility and add to the strength in the Japanese yen. The gains in the pair also seem restricted on the back of higher 10-year treasury yields which remains supportive of the US dollar.
Meanwhile, traders now brace for the main driver for the pair – US employment data, which may provide fresh incentives in the day ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.77 (5-DMA) levels and above which it could extend gains 120.27 (March 3 High) levels. To the downside immediate support might be located at 119.40 (10-DMA) levels, below that at 119.24 (20-DMA) levels.
USD/JPY bounces-off 119.50 levels
Currently, the USD/JPY traded -0.11% lower at 119.61 levels, consolidating in a tight band between 119.50-119.68 levels. The pair continues to trade choppy as Fed Yellen’s comments and Chinese services PMI data failed to spur volatility and add to the strength in the Japanese yen. The gains in the pair also seem restricted on the back of higher 10-year treasury yields which remains supportive of the US dollar.
Meanwhile, traders now brace for the main driver for the pair – US employment data, which may provide fresh incentives in the day ahead.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.77 (5-DMA) levels and above which it could extend gains 120.27 (March 3 High) levels. To the downside immediate support might be located at 119.40 (10-DMA) levels, below that at 119.24 (20-DMA) levels.