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6 Jan 2015
USD/JPY falls to 50-DMA on weak US economic reports
FXStreet (Mumbai) - The USD/JPY pair declined to the 50-DMA level located at 118.70 after the US ISM non manufacturing index disappointed market expectations, while the factory orders continued to contract in December.
The pair clocked a low of 118.60 after the December ISM non manufacturing index in US hit 56.2, versus the 58.5 estimate. Meanwhile, the commerce department in the US also reported a fall of 0.7% in December factory orders, versus the estimate of 0.4% fall. The weak data has pushed the 10-yr treasury yield once again near the day’s low of 1.968%.
USD/JPY Technical Levels
The pair has an immediate support located at 118.24 levels, under which losses could be extended to 117.58 levels. Meanwhile, resistance is seen at 118.85 and 119.24 levels.
The pair clocked a low of 118.60 after the December ISM non manufacturing index in US hit 56.2, versus the 58.5 estimate. Meanwhile, the commerce department in the US also reported a fall of 0.7% in December factory orders, versus the estimate of 0.4% fall. The weak data has pushed the 10-yr treasury yield once again near the day’s low of 1.968%.
USD/JPY Technical Levels
The pair has an immediate support located at 118.24 levels, under which losses could be extended to 117.58 levels. Meanwhile, resistance is seen at 118.85 and 119.24 levels.