USD/JPY Current price: 111.00

  • BOJ Meeting Minutes shed no light on future monetary policy.
  • Japan’s  April Leading Economic Index was upwardly reviewed to 103.8.
  • USD/JPY is overbought in the near-term, but bulls retain control.

The USD/JPY pair peaked this Thursday at 111.10, a level that was last seen in March 2020, now hovering around the 111.00 level as the day comes to an end. The pair found support on the generalized optimism that prevailed throughout the first half of the day, retreating during US trading hours on the back of the sour tone of Wall Street. Government bond yields ticked higher on a daily basis, limiting the downside ahead of the close.

 Earlier in the day, the Bank of Japan published the Minutes of its latest meeting, which showed that policymakers are confident on an economic comeback, but higher inflation remains unlikely. Also, the country published the preliminary estimate of the Jibun Bank Manufacturing PMI for June, which printed at 51.5, worse than the 52.3 expected. The April Leading Economic Index was upwardly reviewed to 103.8, while the Coincident Index for the same month resulted at 95.3.  On Thursday, the country will publish the May corporate Service Price Index.

USD/JPY short-term technical outlook

The USD/JPY pair could extend its advance, although its showing signs of upward exhaustion in the near-term. The 4-hour chart shows that the 20 SMA accelerated north above the longer ones, all of them well below the current level. The RSI indicator has turned flat around 68, while the Momentum eases from near overbought readings. Nevertheless, bulls will hold the grip as long as the pair remains above 110.50.

Support levels: 110.50 110.05 109.70  

Resistance levels: 110.95 111.30 111.80

View Live Chart for the USD/JPY

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD hovers around 1.1900, retains weekly gains

The EUR/USD pair trades around the 1.19 mark after the Eurozone Q2 Prelim GDP beat estimates with 2% while US PCE inflation rose by less than anticipated in June, printing at 3.5% YoY. Risk-on mood persists.


GBP/USD retreats after flirting with 1.4000

GBP/USD retreated from near the 1.4000 level, but the greenback remains away from investors' radar. Optimism over the Brexit issue and the declining trend in new COVID-19 cases in the UK offers support to the pound.


XAU/USD slides to $1,820 area, downside seems limited

Gold traded with a mild negative bias around the $1,825 region, or daily lows, during the early North American session, albeit lacked any follow-through selling.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

NIO shares rise again as Wall Street shrugs off recent China woes

NYSE:NIO added 1.86% as EV and China stocks bounced back again. Nio rides higher as industry leader Tesla gets some major upgrades. Nio rival XPeng releases a refreshed look for its compact SUV.

Read more