USD/JPY stuck between key MAs

By FXStreet FXStreet (Mumbai) – The USD/JPY pair is stuck between key MAs – hourly 100-MA and 200-MA – amid rising treasury yields and risk-on rally in the European equity markets.

Doji candle on daily charts

The spot is now trading largely unchanged on the day, after swinging back from the low of 119.13 to 119.61, before falling back to square one. The bears are having a tough time on account of the risk-on rally in the European equities. The uptick in the treasury yields is also supporting the pair.

On the other hand, the upside was capped due to broad based USD weakness in the early European session.

USD/JPY Technical Levels

The immediate resistance is seen at 119.62 (hourly 200-MA), above which the spot could target 120.00 levels. On the other side, a break below hourly 100-MA at 119.22 would expose the hourly 50-MA at 119.07 levels. A break below the same could open doors for 118.63 (Oct 14 low).
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Source:: FX Street