USD/JPY: rising yields limit the downside
|USD/JPY Current price: 112.09
The USD/JPY pair eases this Wednesday, but holds at the upper end of its weekly range, as despite dollar's weakness, yen's gains are limited by US yields that extend their advance. The 10-year note benchmark is currently at 2.22% after settling yesterday at 2.20%. An intraday decline met buying interest at 111.82, but the price is unable to surpass the high set at 112.46. The wait-and-see stance extends ahead of central bankers, set to participate in a discussion panel that starts in a few minutes.
Technically, the 4 hours chart shows that the price holds above a Fibonacci support, around 112.00, while technical indicators are retreating modestly within positive territory, but still well above their mid-lines . The 100 SMA in the mentioned chart gains bullish strength below the current level, but the 200 SMA maintains its bearish slope, both too far away to be relevant today.
Support levels: 111.80 111.50 111.10
Resistance levels: 112.45 112.90 113.20
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.