FXStreet (Mumbai) – The USD/JPY has gone nowhere since the European session, despite the uptick in the treasury yields and risk-on rally in the major European equity markets.
Stuck in a narrow range
The pair has been restricted to a narrow range of 120.20-119.90 since the European session. BOJ’s Kuroda failed to provide any surprise in his press conference earlier today. Meanwhile, the gains in the European stocks kept Yen under pressure.
Still, the upside has remained restricted around 120.20 as investors slowly digest the fact that the Fed is unlikely to raise rates any time soon. Ahead in the day, the sentiment in the US stock markets could influence the pair.
USD/JPY Technical Levels
At 12002, the immediate resistance is seen at 120.08 (hourly 200-MA), followed by a major hurdle at 120.27 (hourly 50-MA). A break above the same could open doors for 120.68 (50% Fib R of 125.28-116.082). On the other side, support is seen at 119.76 (daily low) and 119.596 (38.2% of 125.28-116.082).
(Market News Provided by FXstreet)