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19 May 2015
USD/JPY hovers at 119.90
FXStreet (Mumbai) - The USD/JPY is taking a breather around 119.90 levels, after having witnessed sharp gains in the previous session on the back of an uptick in the US treasury yields.
US housing data awaited
The investors await US building permits and housing starts data due for release later today, while the Fed April meeting minutes are scheduled for release tomorrow. The treasury yields did not witness much action in the Asian session today, thereby resulting in a largely sideways movement in the USD/JPY pair. A brief rise to 120.02 did not last long as the pair fell back to 119.90 levels.
Apart from the US data and events, the markets are also likely to watch out for Japanese first quarter GDP due for release on Wednesday.
USD/JPY Technical Levels
The immediate resistance is located at 120.48 (May 12 high), above which gains could be extended to 120.82 (Apr 13 high). On the flip side, a break below 119.64 (hourly 200-MA), could push the pair down to 119.42 (100-DMA).
US housing data awaited
The investors await US building permits and housing starts data due for release later today, while the Fed April meeting minutes are scheduled for release tomorrow. The treasury yields did not witness much action in the Asian session today, thereby resulting in a largely sideways movement in the USD/JPY pair. A brief rise to 120.02 did not last long as the pair fell back to 119.90 levels.
Apart from the US data and events, the markets are also likely to watch out for Japanese first quarter GDP due for release on Wednesday.
USD/JPY Technical Levels
The immediate resistance is located at 120.48 (May 12 high), above which gains could be extended to 120.82 (Apr 13 high). On the flip side, a break below 119.64 (hourly 200-MA), could push the pair down to 119.42 (100-DMA).