USD/JPY: Bulls battle seven-week-old hurdle around 107.00
USD/JPY remains positive for the second consecutive day while attacking the July 2020 peak, market the previous day, during early Thursday. However, the upper line of a rising trend channel formation since January 11 joins RSI and MACD to probe the bulls around 107.087, up 0.10% intraday.
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The USD/JPY pair retreated from the daily high, ending the day a few pips below the 107.00 threshold, maintaining its bullish stance. The pair is neutral-to-bullish, according to the 4-hour chart, as a bullish 20 SMA keeps providing intraday support and leading the way higher. However, technical indicators keep lacking directional strength but developing within positive levels.
Support levels: 106.50 106.15 105.70
Resistance levels: 107.30 107.65 108.00
The USD/JPY pair hit 107.14 during US trading hours, boosted by Treasury yields. US government bond yields soared ahead of Wall Street’s opening, with the yield on the benchmark 10-year note flirting with 1.50%, to finish the day around 1.47%. Stocks rose in Asia and Europe, but Wall Street was unable to follow the lead, with US indexes ending the day mixed.
Japan published the February Jibun Bank Services PMI, which improved to 46.3 from 46.1. This Thursday, the country will release the February Consumer Confidence Index, foreseen at 30.6 from 29.6 in the previous month.
SPECIAL WEEKLY FORECAST
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The USD/JPY was the standout in a week of middling dollar performance, rising in the three mid-week sessions, consolidating those gains on Friday, and finishing above 106.00 for only the third time since early October.