23 Mar 2015
USD/JPY drops to session low
FXStreet (Mumbai) - The USD/JPY pair has breached the hourly 200-MA support located at 119.78, as the US dollar sees broad based weakness amid fed rate hike uncertainty.
USD/JPY: Rejected at 5-DMA
The pair failed to sustain gains above the 5-DMA located at 120.10. Moreover, the minor up move was triggered by Fed policy maker James Bullard’s comments that the fed risks falling behind the curve, in which case it shall have to increase rates more rapidly in future. However, Bullard’s comments only lead to a minor spike in the Treasury yields. Moreover, the sharp downward revision of the rate forecasts published last week by the Fed continues to dominate the market sentiment.
The 10-year yield erased minor gains to trade 1 basis points lower at 1.92%. Consequently, the USD/JPY pair was pushed lower to the current level of 119.77.
USD/JPY Technical Levels
The immediate support is seen at 119.66, under which the pair could fall to 119.29 levels. On the flip side, resistance is seen at 119.91 and 120.65 (4-hour 100-MA).
USD/JPY: Rejected at 5-DMA
The pair failed to sustain gains above the 5-DMA located at 120.10. Moreover, the minor up move was triggered by Fed policy maker James Bullard’s comments that the fed risks falling behind the curve, in which case it shall have to increase rates more rapidly in future. However, Bullard’s comments only lead to a minor spike in the Treasury yields. Moreover, the sharp downward revision of the rate forecasts published last week by the Fed continues to dominate the market sentiment.
The 10-year yield erased minor gains to trade 1 basis points lower at 1.92%. Consequently, the USD/JPY pair was pushed lower to the current level of 119.77.
USD/JPY Technical Levels
The immediate support is seen at 119.66, under which the pair could fall to 119.29 levels. On the flip side, resistance is seen at 119.91 and 120.65 (4-hour 100-MA).