USD/JPY climbs to fresh 2019 highs above 110.30


  • US Dollar Index continues to climb toward 97.
  • European stocks post decisive gains on Monday. 
  • US 10-year T-bond yield rebounds to support the greenback.

After closing the previous week nearly 40 pips higher, the USD/JPY pair started the week on a positive note and pierced through the 110 handle on its way to a fresh 2019 high of 110.31. As of writing, the pair was trading a couple of pips below that level, adding 0.44% on a daily basis.

Improved market sentiment and a broadly stronger greenback on Monday provided the fuel to the pair upsurge. Major European equity indexes rebounded sharply today after suffering heavy losses and last week and made it difficult for the JPY to find demand as a safe-haven. Furthermore, the 10-year T-bond yield, which is highly correlated with the pair, is looking to snap its 4-day losing streak and was last up 0.75% on the day.

The US Dollar Index extended its rally into an eighth straight day boosted by the rising T-bond yields and another sharp drop in the GBP/USD pair amid the disappointing GDP data from the UK. The DXY, which touched its highest level since January 1 at 96.87, is now rising 0.2% at 96.82.

The risk-on mood is also lifting the S&P 500 Futures and is suggesting that Wall Street is likely to open in the positive territory. In the absence of macroeconomic data releases from the U.S., the risk perception is likely to stay as the primary driver of the pair's price action.

Key technical levels

USD/JPY

Overview:
    Today Last Price: 110.28
    Today Daily change %: 0.44%
    Today Daily Open: 109.8
Trends:
    Daily SMA20: 109.42
    Daily SMA50: 110.41
    Daily SMA100: 111.74
    Daily SMA200: 111.27
Levels:
    Previous Daily High: 109.9
    Previous Daily Low: 109.65
    Previous Weekly High: 110.16
    Previous Weekly Low: 109.43
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 109.74
    Daily Fibonacci 61.8%: 109.8
    Daily Pivot Point S1: 109.66
    Daily Pivot Point S2: 109.53
    Daily Pivot Point S3: 109.41
    Daily Pivot Point R1: 109.92
    Daily Pivot Point R2: 110.03
    Daily Pivot Point R3: 110.17

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures