USD/JPY catches fresh bids, revisits daily highs

Dhwani Mehta FXStreet

The USD/JPY pair ran caught a fresh bid-wave in the late-Asian session, sending the rate back to test daily tops.

USD/JPY supported above daily pivot at 113.90

The dollar-yen pair bounced-off a brief dip below 114 handle and now attempts another run towards 114.30 region, in wake of fresh buyers lurking around the greenback, when compared against its six major peers.

Moreover, dovish comments from BOJ deputy governor Iwata also continue to weigh on the Japanese yen, triggering another move higher in USD/JPY.

However, it remains to be seen whether the rate manages to survive at higher levels amid a lack of fresh fundamental drivers until the NY session.

The major is last seen changing hands at 114.28, advancing +0.24% on the day.

USD/JPY Technical levels to watch

The major finds immediate resistance at 114.50 (psychological levels). A break above the last, the major could test 114.83 (10-month high) and 115 (zero figure) beyond the last. While to the downside, the immediate support is seen at 113.90/81 (daily pivot/ 5-DMA) next at 113.46 (10-DMA) and below that at 113.14 (daily S2).

Sell 25%

Buy 75%

Avg Sell Price 107.09

Avg Buy Price 110.24

Liquidity Distribution

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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