USD/JPY Current price: 110.95
- US Treasury yields holding near highs keep the USD/JPY underpinned.
- No macroeconomic news scheduled for the last session of the week, yields and equities to lead.
The USD/JPY pair was up to 111.07 so far today, a fresh high since late January, and holds nearby ahead of the US opening. As usual lately, US yields holding near multi-year highs underpinned the pair, although the upside is being limited by the sour tone of equities. The absence of macroeconomic news in both economies this Friday will see the pair trading by the tick following US T-yields behavior. The greenback could ease some on the back of profit-taking ahead of the weekend, but the pair is bullish and such event won't hurt the dominant trend.
Technically, the limited intraday ranges seen these last few days, despite resulting in higher highs, left intraday indicators without directional momentum, but at overbought readings. In the 4 hours chart, the pair is developing well above bullish moving averages, and while further declines can't be anticipated, the downside seems well limited. The immediate resistance is now 111.20, en route to a more relevant one at 111.60. If this last is reached, a pullback from it is likely, regardless yields' behavior.
Support levels: 110.80 110.45 110.00
Resistance levels: 111.20 111.60 112.00
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