Back
2 Feb 2015
USD/JPY approaches daily lows
FXStreet (Mumbai) - The USD/JPY pair is fast approaching the low of 117.02 seen earlier today after failing to extend gains above 117.80 levels today.
Sustained weakness in Treasury yields supports the Yen
The treasury yields in the US declined after the ISM manufacturing figure in the US declined more than expected, while the personal spending weakened to the levels last seen in 2009. The 10-year Treasury yield fell back to 1.66%, which strengthened the Japanese Yen.
Meanwhile, the weak data have also pushed the US stocks lower. The DJIA was trading 0.485 lower at 17,092 at the time of writing.
USD/JPY Technical Levels
The pair currently trades 0.13% lower at 117.34 levels. The immediate support is seen at 117.00 levels, under which losses could be extended to 116.22 levels. Meanwhile, resistance is seen at 117.72 (5-weekly MA) and 117.90 (hourly 200-SMA) levels.
Sustained weakness in Treasury yields supports the Yen
The treasury yields in the US declined after the ISM manufacturing figure in the US declined more than expected, while the personal spending weakened to the levels last seen in 2009. The 10-year Treasury yield fell back to 1.66%, which strengthened the Japanese Yen.
Meanwhile, the weak data have also pushed the US stocks lower. The DJIA was trading 0.485 lower at 17,092 at the time of writing.
USD/JPY Technical Levels
The pair currently trades 0.13% lower at 117.34 levels. The immediate support is seen at 117.00 levels, under which losses could be extended to 116.22 levels. Meanwhile, resistance is seen at 117.72 (5-weekly MA) and 117.90 (hourly 200-SMA) levels.