Back
27 Mar 2015
USD/JPY drops to 119.00 on weak US GDP
FXStreet (Mumbai) - The USD/JPY pair hit a session low of 119.00 after the data in the US showed the US economy slowed more than expected in the fourth quarter of 2014.
Yen gains as Treasury yields slide
The disappointing Q4 US GDP reading of 2.2%, pushed the Treasury yields in the US to fresh session lows. The 10-year yield hit a low of 1.967%, while the 2-year yield fell to 0.594%. However, the yields have managed to stabilize near the lows. Consequently, the USD/JPY has managed to sustain above 119.00 levels.
Attention now shifts to Michigan consumer sentiment index and Yellen speech scheduled later in the day.
USD/JPY Technical Levels
The immediate resistance is seen at 119.18, above which gains could be extended to 119.46 (50-DMA). On the flip side, a break below 119.00 could push the pair lower to 118.60 levels.
Yen gains as Treasury yields slide
The disappointing Q4 US GDP reading of 2.2%, pushed the Treasury yields in the US to fresh session lows. The 10-year yield hit a low of 1.967%, while the 2-year yield fell to 0.594%. However, the yields have managed to stabilize near the lows. Consequently, the USD/JPY has managed to sustain above 119.00 levels.
Attention now shifts to Michigan consumer sentiment index and Yellen speech scheduled later in the day.
USD/JPY Technical Levels
The immediate resistance is seen at 119.18, above which gains could be extended to 119.46 (50-DMA). On the flip side, a break below 119.00 could push the pair lower to 118.60 levels.