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FXStreet (Mumbai) - The USD/JPY pair is trading at around 119.00 levels amid the lack of fresh triggers in the Asian session.
USD sell-off halts
The USD sellers are having a breather ahead of the European session, after having sold the greenback across the board in the previous session. Back-to-back weakness in US economic reports this week hit the dollar hard. A weaker-than-expected housing starts and weekly jobless claims report weighed over the USD. However, the USD/JPY pair came under serious pressure due to comments from Fed President and FOMC voter Lockhardt who said he prefers a later Fed rate liftoff.
Ahead in the day, the pair could be influenced by US CPI data for March and Michigan confidence data. In the meantime, the Treasury yields could influence the pair.
USD/JPY Technical Levels
The immediate resistance is seen at 119.16 (hourly 50-MA), above which gains could be extended to 119.53 (hourly 100-MA). On the flip side, a break below 118.77, could drive the pair lower to 118.31 levels.