USD/JPY – Bulls working hard to defend 114.00

Omkar Godbole FXStreet Contributor

The Dollar-Yen bulls have so far managed to avoid a break below 114.00 levels, despite the strength in the Euro and a flat action in the treasury yields.

Focus on EUR and Treasury yields

The US dollar is looking toppy after the sharp reversal in EUR/USD on Monday despite the heightened political tension in Italy and Eurozone.

Consequently, EUR/USD remains at the centre stage of the FX markets. Further rally in the common currency could trigger a wave of USD selling.

On similar lines, any signs of weakness in the treasury yields could weigh over the US dollar as well.

EUR/USD Technical Levels

A break below 113.99 (23.6% of 2011 low - 2015 low) would open doors for 113.50 (previous day’s low), under which Monday’s low of 112.87 could offer support. On the higher side, breach of resistance at 114.54 could yield a re-test of 114.82 (Dec 1 high). Only a daily close above 115.00 would signal the resumption of the rally from Nov 9 low of 101.19.

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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