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7 Jan 2015
USD/JPY sees Chart driven recovery
FXStreet (Mumbai) - The USD/JPY pair has recovered to trade above 119.00 levels, as the pair bounced-off from the 50-DMA level located at 118.79.
The pair currently trades 0.57% higher at 119.12 levels, compared to the previous session’s close of 118.64 levels. Moreover, the pair had managed to recover from the low of 118.04 yesterday before ending a few pips below the 50-DMA. The recovery was also driven by an oversold RSI on the hourly chart.
Meanwhile, the fundamental factors are largely unchanged since yesterday. More importantly, the 10-year Treasury yields have extended the decline by 1.6 basis points to 1.947%.
USD/JPY Technical Levels
The pair has an immediate resistance at 119.22 (hourly 50-SMA), above which gains could be extended to 119.37. Meanwhile, immediate support is seen at 119.00 and 118.79 (50-DMA) levels.
The pair currently trades 0.57% higher at 119.12 levels, compared to the previous session’s close of 118.64 levels. Moreover, the pair had managed to recover from the low of 118.04 yesterday before ending a few pips below the 50-DMA. The recovery was also driven by an oversold RSI on the hourly chart.
Meanwhile, the fundamental factors are largely unchanged since yesterday. More importantly, the 10-year Treasury yields have extended the decline by 1.6 basis points to 1.947%.
USD/JPY Technical Levels
The pair has an immediate resistance at 119.22 (hourly 50-SMA), above which gains could be extended to 119.37. Meanwhile, immediate support is seen at 119.00 and 118.79 (50-DMA) levels.