USD/JPY Current price: 112.32
The USD/JPY pair consolidated at the higher end of its weekly range this Wednesday, holding on to gains, despite broad dollar's weakness amid resurging US Treasury yields. Bond's sell-off was triggered on Tuesday by ECB's Draghi, whose optimism on the local recovery spurred speculation for a soon-to-came end of QE in the Euro area. Yields continued advancing, despite the ECB's President tried to cold down market's speculation, with the US 10-year note benchmark trading as high as 2.26% intraday, up from previous 2.20% and its highest in over a month. The Japanese macroeconomic calendar will remain empty once again, with more interesting data coming early Friday. Technically, the pair presents a positive short term tone, as a short-lived dip below the 112.00 Fibonacci support was quickly reverted, while the price holds above its 100 and 200 SMAs, as technical indicators are trying to regain the upside after a modest downward corrective movement from near oversold readings.
Support levels: 112.00 111.60 111.20
Resistance levels: 112.45 112.80 113.20
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