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15 May 2015
USD/JPY extends beyond 119.50
FXStreet (Mumbai) - The US dollar remains well bid against the Japanese yen in the mid-European session, with USD/JPY holding gains above 119.50, mainly driven by rising short-term US treasury yields which drives the US dollar higher ahead of a slew of US economy releases later today.
Rising 2-yr treasury yields pushes USD/JPY higher
Currently, the USD/JPY pair trades higher by 0.31% at 119.53, hovering close to fresh session highs posted at 119.59. USD/JPY extends its upward moves, breaching the crucial 119.50 barrier, largely backed by a solid rebound witnessed in the shorter duration yields on the US treasuries.
The 2-yr yields on T-notes scaled higher by 1.51% and now trades at 0.552%. Rising treasury yields have eventually translated in to a higher US dollar across the board.
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.63 (50-DMA) levels and above which it could extend gains 119.80 levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.
Rising 2-yr treasury yields pushes USD/JPY higher
Currently, the USD/JPY pair trades higher by 0.31% at 119.53, hovering close to fresh session highs posted at 119.59. USD/JPY extends its upward moves, breaching the crucial 119.50 barrier, largely backed by a solid rebound witnessed in the shorter duration yields on the US treasuries.
The 2-yr yields on T-notes scaled higher by 1.51% and now trades at 0.552%. Rising treasury yields have eventually translated in to a higher US dollar across the board.
On the macroeconomic front, a host of US economic data are in store to be released later in the US session, which may direct further moves on the major.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.63 (50-DMA) levels and above which it could extend gains 119.80 levels. To the downside immediate support might be located at119 below that at 118.86 (May 14 Low) levels.