USD/JPY clinches highs near 107.20 ahead of US CPI
|- The greenback advances to daily highs beyond the 107.00 handle.
- US 10-year yields flirting with peaks around 2.88%.
- US inflation figures for the month of February next on tap.
The greenback is appreciating further vs. its Japanese counterpart on Tuesday and is now lifting USD/JPY to fresh tops beyond 107.00 the figure.
USD/JPY in multi-day tops, US CPI on sight
Spot is printing fresh multi-day tops above the 107.00 milestone today backed by a better tone surrounding the risk-associated space.
In fact, the Japanese stock benchmark Nikkei 225 close near daily highs earlier today, while its European reference keeps its daily gains for the time being. Adding to this scenario, the VIX index stays on the defensive today, losing nearly 1% in the 15.60 region.
Collaborating with the up move, yields of the key US 10-year reference have managed to leave the area of daily lows and are now testing tops above 2.88%.
Later in the session, the pair is expected to come under pressure in light of the publication of US inflation figures. Prior surveys expect headline consumer prices to have gained 2.2% on a year to February and 1.8% on a yearly basis when comes to Core CPI.
USD/JPY levels to consider
As of writing the pair is gaining 0.72% at 107.19 and a breakout of 107.22 (high Mar.13) would open the door to 107.69 (high Feb.27) and finally 107.92 (high Feb.21). On the other hand, the next down barrier emerges at 106.37 (10-day sma) followed by 105.53 (low Feb.16) and finally 105.25 (2018 low Mar.2).
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