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29 Dec 2014
USD/JPY unresponsive to Greek political turmoil
FXStreet (Mumbai) - The Japanese Yen has remained largely stagnant despite Greece witnessing a period of political turmoil and heading for a snap election, the outcome of which may bring back the Euro crisis.
The USD/JPY pair remains 0.09% higher at 120.40 levels. The pair has been unable to extend gains above the 5-DMA located at 120.43 levels, while the losses have been capped so far around 120.15 levels. Moreover, the Greek parliament’s failure to elect the President for the third time today, has forced the country to hold snap elections next month, which may see anti-bailout Syriza party win. Consequently, the safe-haven German 10-yr Bund yield hit a record low of 0.563%, while the 3-yr yield in Greece rose to a record high of 11.17%.
Despite this, the Yen has remained largely unchanged against the US dollar. The Japanese benchmark yields are near April 2013 levels, while the US 10-yr yield have declined 3 basis points to 2.22%.
USD/JPY Technical Levels
The immediate support is seen at 120.00, under which the pair could test the 10-DMA located at 119.58 levels. Meanwhile, resistance is seen at 120.43 (5-DMA) and 120.84 (Dec. 23 high).
The USD/JPY pair remains 0.09% higher at 120.40 levels. The pair has been unable to extend gains above the 5-DMA located at 120.43 levels, while the losses have been capped so far around 120.15 levels. Moreover, the Greek parliament’s failure to elect the President for the third time today, has forced the country to hold snap elections next month, which may see anti-bailout Syriza party win. Consequently, the safe-haven German 10-yr Bund yield hit a record low of 0.563%, while the 3-yr yield in Greece rose to a record high of 11.17%.
Despite this, the Yen has remained largely unchanged against the US dollar. The Japanese benchmark yields are near April 2013 levels, while the US 10-yr yield have declined 3 basis points to 2.22%.
USD/JPY Technical Levels
The immediate support is seen at 120.00, under which the pair could test the 10-DMA located at 119.58 levels. Meanwhile, resistance is seen at 120.43 (5-DMA) and 120.84 (Dec. 23 high).