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USD/JPY at ten-day low, 2-yr yield weakens

FXStreet (Mumbai) - The USD was offered across the board after dismal US retail sales data, pushing the USD/JPY pair to a ten-day low of 119.27 and the 2-year treasury yield lower to 0.577%.

Bearish break in USD/JPY

The pair now trades below the key support of the symmetrical triangle at 119.43 levels. A 5 basis point drop in the two-year yield, which represents short-term rate hike bets could lead to a bearish daily close in the pair below 119.43.

Ahead in the day, the positive action in the US equities could offer support to the USD/JPY pair, however, broad based USD weakness may not halt, given the drop in the rate hike bets.

USD/JPY Technical Levels

The spot now trades around 119.30 with the immediate support located at 119.00; under which 118.68 (Oct 2 low) could offer support to the pair. A break below the same could expose 118.36 (127.2% Fib E of 125.28‐119.837‐125.28). On the other side, resistance is seen at 119.43 (trendline resistance), followed by a major hurdle at 120.00 levels.

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