USD/JPY bulls eyeing a decisive break through 113.00 hurdle

Haresh Menghani FXStreet

The USD/JPY pair trended higher through early NA session and is currently placed just a few pips away from the 113.00 handle.

The pair built on its recovery move from Monday's 3-week lows, closer to the very important 200-day SMA, and remained supported by surging US Treasury bond yields.

Meanwhile, the prevalent risk-on environment also did little to lend any support to the Japanese Yen's safe-haven appeal and stall the pair's strong up-move to near two-week tops.

However, a modest US Dollar pull-back, following today's dismal US housing market data, failed to assist bulls to reclaim the 113.00 handle, with the pair retreating around 15-pips from session tops touched in the past hour.

It would now be interesting to see if bulls are able to maintain their dominant position or the current retracement turns out to be an early clue for a corrective move lower.

Technical levels to watch

On a sustained move beyond the 113.00 handle, the pair is likely to accelerate the up-move towards 113.30 supply zone before eventually darting towards the 114.00 round figure mark.

On the downside, mid-112.00s now seems to act as immediate support, which if broken could drag the pair back towards 112.15 horizontal support en-route 200-day SMA support near the 111.75 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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