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11 Dec 2014
USD/JPY steady near 118.00
FXStreet (Mumbai) - The Japanese Yen is trading steady around 118.00 per dollar as investors await fresh cues from the European equities.
The Yen has been on the winning streak against the US dollar since last three days owing to the fall in the US treasury yields and due to the risk aversion in the financial markets across the globe. The pair is down more than 3% since the beginning of this week as the 10-yr treasury yield in the US declined to 2.167% from 2.34%.
However, the Yen has weakened slightly at the onset of the European session. Moreover, the 10-yr yields in the US have stabilized around 2.167% as the investors await fresh cues from the European equity markets. So far the USD/JPY pair has held steady despite weakness in the Asian equities. However, the pair may extend losses if the European equities continue to trade risk averse.
USD/JPY Technical Levels
The pair has an immediate support located at 117.235 (Nov 27 low), under which pair may fall to 116.12 levels. Meanwhile, resistance is seen at 118.59 (Nov 25 high) and 119.36 (5-DMA).
The Yen has been on the winning streak against the US dollar since last three days owing to the fall in the US treasury yields and due to the risk aversion in the financial markets across the globe. The pair is down more than 3% since the beginning of this week as the 10-yr treasury yield in the US declined to 2.167% from 2.34%.
However, the Yen has weakened slightly at the onset of the European session. Moreover, the 10-yr yields in the US have stabilized around 2.167% as the investors await fresh cues from the European equity markets. So far the USD/JPY pair has held steady despite weakness in the Asian equities. However, the pair may extend losses if the European equities continue to trade risk averse.
USD/JPY Technical Levels
The pair has an immediate support located at 117.235 (Nov 27 low), under which pair may fall to 116.12 levels. Meanwhile, resistance is seen at 118.59 (Nov 25 high) and 119.36 (5-DMA).