4 Mar 2015
USD/JPY sets fresh session low after the ADP report
FXStreet (Mumbai) - The USD/JPY pair fell to a fresh daily low of 119.51, after the US ADP employment for February report missed the consensus estimate. The pair declined from a high of 119.72 seen ahead of the data to a low of 119.48, however, the pair has recovered slightly to trade at 119.58 levels.
USD/JPY: Falls with Treasury yields
The ADP employment report for February showed the economy added 212K jobs in February, compared to the upwardly revised 250K additions seen in January. The February figure missed the consensus estimate of 219K. Consequently, the 10-year yield in the US fell to 2.105%; down 1.7 basis points, from the pre-data level of 2.124%. The drop in the Treasury yields pushed the USD/JPY pair lower to 119.55 levels.
The pair could extend the drop further if the US ISM non manufacturing data due for release later today disappoints market expectations.
USD/JPY Technical Levels
The immediate support is seen at 119.40 (10-DMA) and 118.58 (100-DMA). On the flip side, resistance is seen at 119.84 and 120.20 levels.
USD/JPY: Falls with Treasury yields
The ADP employment report for February showed the economy added 212K jobs in February, compared to the upwardly revised 250K additions seen in January. The February figure missed the consensus estimate of 219K. Consequently, the 10-year yield in the US fell to 2.105%; down 1.7 basis points, from the pre-data level of 2.124%. The drop in the Treasury yields pushed the USD/JPY pair lower to 119.55 levels.
The pair could extend the drop further if the US ISM non manufacturing data due for release later today disappoints market expectations.
USD/JPY Technical Levels
The immediate support is seen at 119.40 (10-DMA) and 118.58 (100-DMA). On the flip side, resistance is seen at 119.84 and 120.20 levels.