USD/JPY stays near tops around 111.50
|- Upside in spot stalled around 111.50.
- US 10-year yields around highs near 2.35%.
- Markit’s flash PMIs next in the US docket.
The Japanese Yen is losing ground for the second session in a row on Friday, helping USD/JPY to advance to the mid-111.00s earlier in the European session, or daily highs.
USD/JPY propped up by US yields
The pair rebounded from weekly lows in the proximity of the 111.00 handle seen on Thursday following the up move in yields of the key US 10-year note from the 2.32% neighbourhood to the current area near 2.35%.
In the meantime, spot is looking to revert a negative start of the week although remains navigating the area of 2-month lows, shedding ground almost uninterruptedly since the rejection from tops in the 114.70/75 band seen in early November.
In the US data space today, Markit will publish its preliminary figures for manufacturing and services PMIs for the current month. Earlier in the session, Japanese advanced manufacturing PMI is seen above estimates at 53.8 in November.
USD/JPY levels to consider
As of writing the pair is up 0.22% at 111.46 facing the next up barrier at 111.72 (200-day sma) seconded by 112.41 (10-day sma) and finally 112.72 (high Nov.21). On the flip side, a breach of 111.06 (low Nov.23) would aim for 111.03 (50% Fibo of 107.33-114.73) and then 109.55 (low Sep.15).
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