USD/JPY climbs to 1-week tops, 110.00 mark back on sight

Haresh Menghani FXStreet

• Improving risk sentiment dents the JPY’s relative safe-haven status.
• The USD remains supported by a solid rebound in the US bond yields.
• Focus now shifts to the prelim US GDP growth figures, due later today.

The USD/JPY pair climbed to one-week tops in the last hour, with bulls now eyeing a move towards reclaiming the key 110.00 psychological mark.

The pair continued gaining positive traction for the second consecutive session on Thursday and built on the overnight goodish bounce from the 109.00 neighbourhood, or two-week lows.

A slight improvement in the global risk sentiment was seen denting the Japanese Yen's relative safe-haven status and turned out to be one of the key factors fueling the ongoing recovery momentum.

Bullish traders further took cues from a solid rebound in the US Treasury bond yields, albeit a sideways consolidative US Dollar price action failed to provide any additional boost to the major.

Hence, it would be prudent to wait for a strong follow-through buying before confirming that the pair might have actually bottomed out in the near-term and positioning for any further up-move.

Thursday US economic docket - highlighting the release of prelim (second estimate) US Q1 GDP growth figures, will now be looked upon for fresh impetus later during the early North-American session.

Technical levels to watch

USD/JPY

Overview
Today last price	109.76
Today Daily Change	0.17
Today Daily Change %	0.16
Today daily open	109.59

Trends
Daily SMA20	110.01
Daily SMA50	110.84
Daily SMA100	110.58
Daily SMA200	111.4

Levels
Previous Daily High	109.7
Previous Daily Low	109.15
Previous Weekly High	110.68
Previous Weekly Low	109.27
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	109.49
Daily Fibonacci 61.8%	109.36
Daily Pivot Point S1	109.26
Daily Pivot Point S2	108.93
Daily Pivot Point S3	108.7
Daily Pivot Point R1	109.81
Daily Pivot Point R2	110.03
Daily Pivot Point R3	110.37

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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