USD/JPY rises back above 110.00 as market sentiment improves
|- USD/JPY recovers further as US equities stabilize and despite a retreat in US yields.
- Deposit trimming losses against JPY, US Dollar retreated against most of its rivals during the US session.
The USD/JPY pair bottomed earlier at 109.53, the lowest level since June 8. Afterward managed to move off lows and recently rose back above 110.00. The pair reached 110.07 and it was hovering around 110.00, still down for the day but far from the lows.
The greenback managed to recover versus the yen but lost momentum against other rivals. A minor improvement in the risk appetite removed strength out of the US Dollar. Also, lower US yields contributed to weaken the demand for the US dollar.
Earlier today, US data came in mixed. Housing starts jumped in May 5.0% (above the 1.4% expected) but the data was offset by the 4.6% decline in building permits (vs -1.4%). The data had no relevant impact. Market participants keep its focus on speeches coming from the ECB forum in Portugal and the decision on tariffs from the White House.
Technical levels
To the upside, resistance levels might be located at 110.05, 110.35 (Jun 18 low) and 110.55/60 (Jun 19 high). On the flip side, support levels could be seen at 109.90, 109.50/55 (Jun 19 low) and 109.25.
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