USD/JPY steadies below 118.00 levels

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The USD/JPY pair trades steady around 117.90 levels as markets await the preliminary Q4 US GDP data.

Gains capped by weak Treasury yields

The gains in the pair have been capped by weakness in the 10-year Treasury yields; down 1.2 basis points at 1.741%. The yield rose to 1.785% in the previous session, which pushed the USD/JPY pair to 118.47.

Meanwhile, the losses are being capped by positive action in the European equity markets. The next trigger shall come from the Q4 preliminary US GDP due for release today. The Japanese inflation data released today failed to have a significant impact on the Yen pairs.

USD/JPY Technical Levels

The immediate resistance is seen at 118.47, above which gains could be extended to 118.93 (50-DMA). On the flip side, support is seen at 117.60 and 117.25 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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