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20 May 2015
USD/JPY back below 121.00
FXStreet (Mumbai) - The USD/JPY pair gave up part of its gains to trade below 121.00 levels on increasing speculation that Fed minutes would put more emphasis on the slowdown in the economic activity.
USD/JPY trades at 120.89
The USD witnessed a minor sell-off across the board as investors believe the Fed policymakers will turn cautious in light with the weaker-than-expected economic reports released in the last couple of weeks. Consequently, the investors believe the minutes may reveal policymakers are willing to delay the “lift-off” from the record low interest rate level.
In the meantime, the pair has once again ignored the uptick in the long duration treasury yields in the US. The 10-year yield inched higher by 1.4 basis points to 2.276%.
USD/JPY Technical Levels
The pair now trades at 120.90, with the immediate resistance located at 121.65 and 122.00 levels. On the other hand, a break below 120.82 could see the pair re-test 120.48 levels.
USD/JPY trades at 120.89
The USD witnessed a minor sell-off across the board as investors believe the Fed policymakers will turn cautious in light with the weaker-than-expected economic reports released in the last couple of weeks. Consequently, the investors believe the minutes may reveal policymakers are willing to delay the “lift-off” from the record low interest rate level.
In the meantime, the pair has once again ignored the uptick in the long duration treasury yields in the US. The 10-year yield inched higher by 1.4 basis points to 2.276%.
USD/JPY Technical Levels
The pair now trades at 120.90, with the immediate resistance located at 121.65 and 122.00 levels. On the other hand, a break below 120.82 could see the pair re-test 120.48 levels.