13 Feb 2015
USD/JPY back below 119.00 ahead of the consumer confidence data in the US
FXStreet (Mumbai) - The USD/JPY pair is back below 119.00 levels ahead of the February’s University of Michigan gauge of US consumer confidence, which is expected to inch slightly higher to 98.3 from the 11-year high of 98.1 seen in the previous month.
Technical failure at Fib levels
The pair has dipped to trade at 118.89 levels after being rejected at the 38.2% retracement level of the uptrend from 117.16 to 120.46 located at 119.20. This was the second failure around the same level since the previous session. Moreover, the pair lacked support from the 10-year Treasury yields which appear stuck at 2.005 levels.
The pair may extend the drop to the daily low of 118.40 in case the University of Michigan data highlights a sharp drop in the consumer confidence in February.
USD/JPY Technical Levels
The immediate support is seen at 118.81, under which the pair could re-test the daily low of 118.40. On the flip side, a break above 119.20 could push the pair higher to 119.68 levels.
Technical failure at Fib levels
The pair has dipped to trade at 118.89 levels after being rejected at the 38.2% retracement level of the uptrend from 117.16 to 120.46 located at 119.20. This was the second failure around the same level since the previous session. Moreover, the pair lacked support from the 10-year Treasury yields which appear stuck at 2.005 levels.
The pair may extend the drop to the daily low of 118.40 in case the University of Michigan data highlights a sharp drop in the consumer confidence in February.
USD/JPY Technical Levels
The immediate support is seen at 118.81, under which the pair could re-test the daily low of 118.40. On the flip side, a break above 119.20 could push the pair higher to 119.68 levels.