USD/JPY on its way 120.50

FXStreet (Edinburgh) - The US dollar extends its recovery vs. the Japanese yen on Friday, now pushing USD/JPY to the 120.40/50 band.

USD/JPY down on softer Treasuries

The poor performance of US Treasuries so far is removing some tailwinds from the greenback, although it has managed to revert the drop to daily troughs in the boundaries of 120.20.

Spot is retreating for the first time this week, albeit the weekly close points to be on the positive side after three consecutive weeks of losses. Ahead in the session, US Export and Import Prices are due ahead of Fed’s Lacker’s speech.

USD/JPY key levels

At the moment the pair is down 0.09% at 120.46 with the immediate support at 120.08 (21-d MA) ahead of 119.73 (Tenkan Sen) and then 119.45 (low Apr.7). On the flip side, a break above 120.74 (high Apr.9) would open the door to 121.16 (76.4% of 122.04-118.33) and finally 121.20 (high Mar.20).