USD/JPY: nearing 111.60 resistance

Valeria Bednarik FXStreet

USD/JPY Current price: 111.46

The USD/JPY pair trades near 111.50, gaining some additional ground after mixed US data, mostly on the back of a recovery in US Treasury yields after the US Fed's dust settled, and as Wall Street pushes record highs ahead of the opening. Having reverted part of Wednesday's losses, the pair seems poised to extend its advance, albeit a recovery above 111.60, a Fibonacci resistance, is required to confirm additional gains that would anyway meet selling interest around 112.00. Technical indicators in the 4 hours chart regained the upside, heading north well above their mid-lines and supporting the upward extension, but the price remains well below its 100 and 200 SMAs, with the shortest accelerating its decline and currently around 112.50, suggesting that in the longer run, the risk remains towards the downside.

Support levels: 111.20 110.90 110.50

Resistance levels: 111.60 112.00 112.45

View Live Chart for the USD/JPY

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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