USD/JPY climbs to 15-month highs above 111.00


  • USD/JPY rose above 111.00 for the first time since March 2020.
  • US Dollar Index consolidates weekly losses below 92.00.
  • 10-year US Treasury bond yield is up nearly 1%.

Despite the broad-based USD weakness, the USD/JPY pair managed to end the day in the positive territory on Tuesday and extended its steady climb on Wednesday. As of writing, the pair was trading at its highest level in 15 months at 111.05, rising 0.37% on a daily basis.

Focus shifts to US PMI data

The risk-positive market environment made it difficult for JPY to attract investors on Tuesday. Meanwhile, the Bank of Japan's (BoJ) April meeting minutes showed on Wednesday that a few members saw the pickup inflation lacking strength, suggesting that the BoJ is unlikely to abandon its ultra-loose policy.

BoJ Minutes: Members shared view there was uncertainty over BoJ's projection.

On the other hand, the US Dollar Index is having a tough time staging a rebound after closing the first two trading days in the negative territory. Nevertheless, the 0.8% increase witnessed in the 10-year US Treasury bond yield is allowing USD/JPY to preserve its bullish momentum.

Later in the day, the IHS Markit's preliminary June Manufacturing and Services PMI data from the US will be looked upon for fresh impetus. During the Asian session, the data from Japan revealed that the Jibun Bank Manufacturing PMI declined to 51.5 in June from 53 in May but this reading had little to no impact on the JPY's market valuation. 

Technical levels to watch for

USD/JPY

Overview
Today last price 111
Today Daily Change 0.36
Today Daily Change % 0.33
Today daily open 110.64
 
Trends
Daily SMA20 109.84
Daily SMA50 109.22
Daily SMA100 108.47
Daily SMA200 106.43
 
Levels
Previous Daily High 110.79
Previous Daily Low 110.21
Previous Weekly High 110.82
Previous Weekly Low 109.61
Previous Monthly High 110.2
Previous Monthly Low 108.34
Daily Fibonacci 38.2% 110.57
Daily Fibonacci 61.8% 110.43
Daily Pivot Point S1 110.31
Daily Pivot Point S2 109.97
Daily Pivot Point S3 109.73
Daily Pivot Point R1 110.89
Daily Pivot Point R2 111.13
Daily Pivot Point R3 111.47

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.1850 amid souring market mood

EUR/USD is trading closer to 1.1850, down on the day, as Monday's concerns about slower growth following the disappointing ISM Manufacturing PMI have spilled over to Tuesday. The risk-off mood, also backed by rising US covid cases, is boosting the safe-haven dollar.

EUR/USD News

GBP/USD clings to 1.39 as UK covid cases fall

GBP/USD is trading around 1.39, little changed, as UK covid cases extend their drop toward 20,000. The broader market mood is also calmer despite growth worries. 

GBP/USD News

XAU/USD continues to target $1804 and $1800 support levels

Gold is holding the lower ground, heading closer towards $1800, as traders remain cautious and refrain from placing any fresh directional bets ahead of the all-important US NFP data due this Friday.

Gold News

Bitcoin and altcoins correct before another run-up

Bitcoin price has dropped 10% since its August 1 swing high at $42,599. Ethereum price follows BTC and has shed 9% as it bounces off the $2,460 support level. Ripple price came extremely close to retesting the range high at $0.785 but is now undergoing correction.

Read more

Delta Doom is set to storm America, the dollar could emerge as top dog

"America is coming back" – these words by US President Joe Biden have sounded like a victory lap for the country's success in depressing COVID-19 cases, hospitalizations, and especially deaths. The charts are indeed impressive:

Read more

Forex MAJORS

Cryptocurrencies

Signatures