Dips towards 149.00 on falling US yields
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USD/JPY slips to 149.21 as US 10-year Treasury yield drops over eight basis points. Despite recent dip, the pair remains in a neutral to bullish stance, hovering inside the Ichimoku Cloud. Key support at 149.00; a break below could trigger further declines towards 147.95 and beyond. The USD/JPY slipped over 0.30% on Tuesday due to risk aversion and falling US Treasury bond yields. The US 10-year benchmark note rate plummeted over eight basis points (bps) and pushed the exchange rate lower due to its positive correlation with the pair. At the time of writing, the major trades at 149.21, flat as Wednesday’s Asian session begins. USD/JPY Price Forecast: Technical outlook The daily chart suggests the USD/JPY is aimed steadily higher, though it is neutral to upward biased. Although technical signals suggest buyers are in charge, the USD/JPY remains inside the Ichimoku Cloud (Kumo) and caps its advance. Also, despite being bullish, the Relative Strength Index (RSI) has failed to clear the latest three peaks, showing the uptrend could be overextended. With USD/JPY climbing above 150.00, this clears the path for a move upwards to the 100-day moving average (DMA) at 150.98, ahead of the 200-DMA at 151.27. If USD/JPY falls below 149.00, the Tenkan-Sen at 147.95 emerges as the first line of defense for bulls. Once surpassed, the Senkou Span A at 146.48, followed by the 50-DMA at 145.36, would be the next key support levels. USD/JPY Price Action – Daily Chart Japanese Yen FAQs The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. One of the Bank of Japan’s…
Filed under: News - @ October 15, 2024 10:25 pm