OctaFX | OctaFX Forex Broker
Open trading account
Back

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.

India M3 Money Supply down to 10.9% from previous 11%

India M3 Money Supply down to 10.9% from previous 11%
Read more Previous

US Dollar sinks towards 94.30

The selling interest is now accelerating around the greenback on Wednesday, dragging the US Dollar Index to session lows in the 94.30 area...
Read more Next
Start livechat