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USD/JPY turns positive, Treasury yields extend gains

FXStreet (Mumbai) - The USD/JPY just clocked a fresh session high of 123.51 levels as the treasury yields extended gains in anticipation of the hawkish FOMC minutes.

US data ignored

The markets have ignored the 11% drop in the housing starts and kept the USD on a positive footing. Moreover, the building permits witnessed a rebound and that could have overshadowed the drop in the building permits.

The 10-yr treasury yield extended gains to trade almost 3bps higher around 2.289%. The 2-yr yield, which mimics rate hike bets, also advanced more than 2bps to 0.876%. Consequently, the USD/JPY hit a high of 123.51 before trimming gains slightly to trade around 123.44.

USD/JPY Technical Levels

The immediate resistance is located at 123.60 (Nov 9 high), above which the pair could target 124.00 handle. On the other side, the hourly 50-MA at 123.30 could once again offer support followed by a major support at 123.04 (hourly 200-MA).

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