USD/JPY Current price: 111.45
- Solid Wall Street's performance partially offset fears, risk aversion on pause.
- USD/JPY rally fading at the upper end of its latest range.
The USD/JPY pair eased from its Tuesday's peak at 111.64 as the sour market mood that dominated the markets receded following a solid Wall Street's performance. The pair trades not far from the mentioned high, driven by a mild retracement in US Treasury yields, as the benchmark for the 10-year note eased to 2.96% from 2.97%. Equities in Asia are marginally lower, while European ones are posting modest intraday gains, that lead US futures to extend their advances in pre-opening trading. Japan released the third-quarter BSI large manufacturing index, which rose to 6.5, following a -3.2 previously, although below the market's expectations of 8.0.
The US will release today August PPI, with the ex-food & energy figures seen increasing 0.2% MoM and 2.7% YoY. FOMC Brainard will speak later in the day. As usual lately, trade war and political headlines will set the tone for currencies.
The 4 hours chart for the pair shows that the upward momentum is fading at the upper end of its latest range, but also that the pair keeps holding above its 100 and 200 SMA, with the shortest crossing above the larger one, while technical indicators ease from overbought levels but remain well above their midlines. The short-term negative tone will likely increase on a break below 111.10, while only above 111.80 the pair will be poised to resume its advance.
Support levels: 111.10 110.85 110.40
Resistance levels: 111.80 112.15 112.45
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. 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.
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.