The Japanese safe haven continues to depreciate vs. its American counterpart at the end of the week, now lifting USD/JPY to fresh daily tops in the 111.30 region.
USD/JPY attention to US data
Spot is trading in fresh 7-week tops well beyond 111.00 the figure today, gaining around 4% since last week’s fresh 2017 lows in the 107.30 region.
The pair’s sharp move remains sustained by a rebound in yields of the US 10-year reference, advancing to fresh tops above 2.20% although meeting some tough resistance at those levels.
Looking ahead, US retail sales and the advanced consumer sentiment gauge are expected to drive the sentiment around USD following yesterday’s higher-than-expected inflation figures.
USD/JPY levels to consider
As of writing the pair is gaining 0.84% at 111.20 and a breakout of 111.77 (61.8% Fibo of 114.51-107.32) would open the door to 112.28 (200-day sma) and then 112.82 (76.4% Fibo of 114.51-107.32). On the other hand, the immediate support emerges at 110.76 (55-day sma) seconded by 110.07 (38.2% Fibo of 114.51-107.32) and finally 109.55 (21-day sma).
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