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USD/JPY stays above 123.00, treasury yields rise

FXStreet (Mumbai) - The USD/JPY pair stays above 123.00 in Europe, but struggles to extend gains despite the rise in the US treasury yields.

Supported by hourly 50-MA

The pair found support at its hourly 50-MA at 123.02 levels. The greenback suffered losses in the NY session following a weak ISM data, but managed to regain poise in Asia. The treasury yields ticked higher with the two-year yield trading more than 2bps higher at 0.931%.

The focus now is on the US ADP report, which is expected to show labour market strength. The data would be followed by Yellen speech.

USD/JPY Technical Levels

At 123.10, the immediate resistance is located at 123.34 (Monday’s high), above which the pair could test 124.00 levels. On the other side, a break below the hourly 50-MA at 123.02 would expose 122.41 (23.6% of 118.06-123.76).

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