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USD/JPY at day’s high

FXStreet (Mumbai) - The Yen bashing continues today, with the USD/JPY pair rising to 116.00 levels for the first time since November 2007.

The USD/JPY pair shot higher yesterday after bouncing-off from the support level at 114.00 tracking a rise in the US ten-year treasury yield. Moreover, the price action in the treasury was little exaggerated yesterday ahead of the holiday today. The 10-year Treasury note yield rose 5 basis points to 2.3580%. The 30-year bond yield gained 6 basis points to 3.0908%.

However, fresh triggers are absent as the bond markets in the US are closed today. However, the pair may extend gains on chart based trading. As per JP Morgan, “the upside focus is now on the 117.95 high from October ’07, before the critical 121/124 area (2007 high). Note the 110 area should now act as a short term floor."

USD/JPY pair Technical levels

The pair has a strong resistance at 115.92, above which it can rise to 115.13. Meanwhile, a failure to sustain gains above 115.92, shall push the pair down to 114.88 levels.

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