USD/JPY: break of 113.60 exposes 114.40
|USD/JPY Current price: 113.24
The USD/JPY pair trades at its highest since mid July, near a daily high of 113.25 achieved after the release of US Durable Goods Orders figures for August, up above market's expectations. The American currency got a boost from US Fed Janet Yellen, who warned on Tuesday about the risk of raising rates "too gradually." Backing the rally in the pair are surging Treasury yields, with the 10-year note benchmark now at 2.31%, its highest in two-months. The one risk-event ahead for the day, is US President Trump speech, expected to discuss details on the upcoming tax reform later in the US afternoon. The 4 hours chart for the pair shows that the price accelerated north above its moving averages, which anyway still lack enough directional strength to support further gains ahead. Technical indicators in the mentioned chart head north, with the RSI entering overbought territory, supporting a continued advance for the US session. The pair has now an immediate resistance at 113.57, July 14th high, with gains beyond the level exposing the long term resistance at 114.40.
Support levels: 112.70 112.30 111.90
Resistance levels: 113.60 114.00 114.40
View Live Chart for the USD/JPY
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