USD/JPY Surrenders Gains, Eyes Hourly 50-MA
Having surrendered gains, the USD/JPY pair now trades around 109.40 levels and has its eyes set on hourly 50-MA located at 109.31 levels.
Equities no longer guide Yen
Tables
have turned since last week as it is now Yen that alters sentiment in
the equities and not the usually seen other way round. Yen is once again
attempting gains as treasury yields show no signs of life.
Moreover,
moderate gains in Asian equities and similar signs in the major
European equities are being ignored by Yen. Ahead in the day, US
industrial production and the resulting impact on the treasury yields
could influence USD/JPY pair.
USD/JPY Technical Levels
A
break below 109.30 (hourly 50-MA), under which losses could be extended
to 109.06 (hourly 200-MA). A violation there could yield 108.79 (hourly
100-MA). On the other hand, a break above daily high of 109.73 would
shift risk in favor of a rise to 110.00, above which prices could test
supply around 110.67 (Mar 17 low).
(Market News Provided by FXstreet)
