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USD/JPY: no response to rise in Treasury yields

FXStreet (Mumbai) - The moderate uptick in the treasury yields failed to strengthen USD/JPY, which now trades lacklustre around 120.50 levels.

Yields rise, USD trims gains

The 2-yr yield, which mimics rate hike bets gained one basis points, while the 10-yr yield gained more than two basis points. However, the USD isn’t impressed as the pair turned lower from the high of 120.70 to trade around 120.50 ahead of the US data.

The focus is now on the US ISM manufacturing report, which could show the activity stalled in October. Apart from the data, the sentiment on Wall Street could affect demand for the safe haven Yen.

USD/JPY Technical Levels

The immediate resistance is seen at 121.03 (200-DMA0, above which gains could be extended to 121.48 (Friday’s high) followed by a rise to 121.81 (100-DMA). On the other side, support is seen at 120.16 (50-DMA) and 120.00, under which losses could be extended to 119.81 (38.2% of 125.856-116.082).

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