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USD/JPY eying 120.00 – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that the recovery in treasury yields could help the USD/JPY pair push above resistance at 119.40 towards 120.00 levels.

Key Quotes

“The sharp recovery seen in the US Treasury yields post the releases of a sticky core inflation data in the US and an upbeat Durable goods orders pushed the USD/JPY pair to a high of 119.48 in the previous session.”

“The hawkish comments from the Fed officials also supported gains in the Treasury yields and the USD/JPY pair. The 10-year Treasury yield in the US currently trades at 2.014%, while the USD/JPY pair hovers around 119.25 levels.”

“Given the recovery in the Treasury yields, the pair is likely to rise above the immediate resistance at 119.40. In such case, it could rise to 120.00 levels.”

“A better-than-expected second estimate of the US Q4 GDP could help the pair rise to 120.00 levels.”

“On the other hand, a surprisingly weak GDP print could reverse gains in the Treasury yields and push the USD/JPY pair below 118.90 levels, under which losses could be extended to the 50-DMA located at 118.50 levels.”

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