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4 May 2015
USD/JPY drops below 120.00
FXStreet (Mumbai) - The USD/JPY pair hit a session low of 119.98 on Monday, after the HSBC final China manufacturing PMI showed weakness in the activity in April.
USD/JPY: Losses restricted by US treasury yields
The Yen gained slightly after the Chinese PMI manufacturing sector remained in contraction for the month of April. The currency gained on haven demand, however, the resilience in the Treasury yields is restricting the losses around the session low of 119.98 levels.
Ahead in the day, investors will take cues from the factory orders data due for release in the US. Comments from FOMC member Evans and Williams could also trigger movement in the pair.
USD/JPY Technical Levels
The immediate support is seen at 119.88 (50-DMA), under which losses could be extended to 119.40 (10-DMA). On the other hand, resistance is seen at 120.27, above which gains could be extended to 120.82.
USD/JPY: Losses restricted by US treasury yields
The Yen gained slightly after the Chinese PMI manufacturing sector remained in contraction for the month of April. The currency gained on haven demand, however, the resilience in the Treasury yields is restricting the losses around the session low of 119.98 levels.
Ahead in the day, investors will take cues from the factory orders data due for release in the US. Comments from FOMC member Evans and Williams could also trigger movement in the pair.
USD/JPY Technical Levels
The immediate support is seen at 119.88 (50-DMA), under which losses could be extended to 119.40 (10-DMA). On the other hand, resistance is seen at 120.27, above which gains could be extended to 120.82.