USD/JPY climbs to 111.70 post-US GDP, session tops

Pablo Piovano FXStreet

USD/JPY has now accelerated the daily upside, printing fresh daily highs in the 111.70 area following US data releases.

USD/JPY moves higher on US yields

Spot gathered extra pace after yields in the US money markets jumped to session highs following today’s data releases in the US calendar, where advanced GDP figures showed the economy is expected to expand at an annualized 0.7% during the January-March period, less than initially forecasted.

In fact, the US 10-year benchmark advanced to 2-day peaks in the boundaries of 2.34%, just to recede to the current 2.33% region soon afterwards.

Additional results saw Employment Cost Index rising 0.8% during the first quarter vs. a 0.6% gain forecasted and up from the previous 0.5% gain.

Later in the session, the Chicago PMI is due seconded by the final print of the Reuters/Michigan Index for the month of April.

USD/JPY levels to consider

As of writing the pair is gaining 0.31% at 111.62 and a surpass of 111.81 (50% Fibo of 115.51-108.11) would aim for 111.94 (55-day sma) and then 112.20 (high Mar.31). On the other hand, the next support aligns at 110.94 (38.2% Fibo of 115.51-108.11) followed by 110.85 (low Apr.26) and finally 110.04 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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