USD/JPY gyrates around 120.00

By FXStreet FXStreet (Mumbai) – The USD/JPY pair is trading around 120.00 levels as traders await fresh cues from the US data and action on the Wall Street.

Bid tone on JPY remains intact

The safe haven appeal of the Yen has kept the currency on a strong footing heading into the US session. The 10-year treasury yield is down 3.2 basis points at 2.168%. The USD/JPY pair is known to track the 10-year yield in times of risk aversion.

However, the traders now wait to see if a larger wave of selling hits the Wall Street. Furthermore, the US ISM figure could also influence the EUR/USD spot. The index is expected to have ticked lower slightly to 52.5 in August from 52.7 in July.

USD/JPY Technical Levels

The immediate support is seen at 119.60 (38.2% of 125.28-116.08), followed by a support at 119.00 levels. On the other side, resistance is seen at 120.75 (200-DMA) and 121.26 (daily high).
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Source:: FX Street