USD/JPY analysis: bears deter to break below 110.00

Valeria Bednarik FXStreet

USD/JPY Current price: 110.69

USD/JPY confined to limited intraday range amid run to safety.
Japanese industrial figures up next, but attention on the Nikkei.

The Japanese yen appreciated with the weekly opening, reaching an almost two-month high against the greenback, with the USD/JPY pair hitting 110.10 before recovering some. The intraday advance, however, stalled below the 111.00 level, with the pair retreating from its highs to settle around 110.70. US Treasury yields recovered some ground but prevailing demand for bonds kept yields in check, with the benchmark 10-year Treasury note hovering around 2.86% for most of the US session. The Nikkei plunged, adding to yen's strength early Monday, and given the sour tone of European and American indexes, the most likely scenario is another slump for the Asian index. Japan is set to release June Industrial Production and Capacity Utilization figures during the upcoming Asian session, with quite discouraging figures forecasted. Ahead of the Asian opening, the pair is biased lower according to technical readings in the 4 hours chart, as it continues developing below its 100 and 200 SMA, with the shortest heading south below the larger one, as technical indicators corrected within negative levels, but lost upward strength, remaining below their midlines and keeping the risk skewed to the downside.

Support levels: 110.50 110.20 109.80

Resistance levels: 111.30 111.60 111.90

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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