USD/JPY stuck in range around 111.30, eyes on US data
|With the greenback extending its defensive mode into early Europe, the USD/JPY pair continues to keep its range-play intact around 111.30 levels.
USD/JPY ignores BOJ Summary of Opinions
The spot is stuck in tight trading ranges, although manages to find support from a better risk tone prevalent in the markets, as oil prices extend their recovery path. More so, positive Asian equities combined with renewed uptick seen in the US yields across the curve, also continue to keep the bulls somewhat in control.
Meanwhile, the yen markets paid little heed to the BOJ’s Summary of Opinions' for the June 15th and 16th meeting, which suggested that the Japanese economy has been turning toward a moderate expansion.
Looking ahead, the major eagerly awaits the release of the US durable goods orders data due later in the NA session. In the meantime, the USD dynamics and risk trends will continue to drive the USD/JPY price-action.
USD/JPY Technical levels
According to FXStreet Chief Analyst, Valeria Bednarik, “Shorter term, the 4 hours chart presents a neutral-to-bearish stance, with the price stuck around a modestly bearish 200 SMA, and technical indicators heading marginally lower around their mid-lines. A critical support comes at 110.90, the 38.2% retracement of the mentioned rally, with a break below it favoring a bearish extension towards the 110.00 region. Resistance levels: 111.60 112.00 112.45.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.