- Encouraging data out of the US, FOMC minutes lifts USD/JPY
- USD/JPY technicals still suggests limited buying interest
USD/JPY has reached new session highs at the open of business in Tokyo, testing offers at 112.70 after the FOMC minutes/upbeat US data-induced rebound from Wednesday.
USD/JPY fueled by upbeat US data, FOMC minutes
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The USD/JPY pair advanced up to 112.57 this Thursday, as stronger-than-expected US data lifted the greenback against its Japanese rival, later fueled by the release of FOMC Minutes. Not that the document surprised investors, but after the release, US Treasury yields recovered the ground lost earlier on the day, helping the pair to extend its daily gains. "
Technically, Valeria adds: "In the meantime, the risk is still skewed toward the downside as the pair can't move far above the critical 112.00 mark, while in the 4 hours chart, the price remains below its 100 and 200 SMAs, pressuring this last from below. In the same chart, the RSI indicator advances within negative territory, while the Momentum holds flat around its 100 level, indicating that buying interest remains limited around the pair."
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.