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USD/JPY back above 120.00 as Treasury yields rise

FXStreet (Mumbai) - The bid tone on the USD improved in early Europe on account of an uptick in the treasury yield, helping the USD/JPY pair recover back above 120.00 levels.

Safe havens trim gains

The traditional safe haven assets – JPY and Treasuries – pared gains as the European stocks put on a mixed performance after a moderately weak opening. The 10-yr treasury yield now trades almost three basis points higher at 2.16%. The USD/JPY recovered from the low of 119.73 to trade around 120.05 levels.

The traders would keep an eye on the overall market sentiment ahead of the US housing data. Fed’s Lockhart comments could also influence the pair, although the policy maker is a well known dove and is expected to sound dovish.

USD/JPY Technical Levels

The spot currently trades around 120.10. The immediate resistance is seen at 120.27 (10-DMA), above which the pair could target 120.82 (200-DMA). On the other side, support is seen at 119.72 (daily low) and 119.05 (previous day’s low).

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