USD/JPY climbs to fresh daily highs above 105.00 after mixed US data

USD/JPY pair gained traction in the early American session.
US Dollar Index continues to have a tough time climbing above 93.00.
Personal Spending in the US rose more than expected in June.

Eren Sengezer FXStreet

The USD/JPY pair extended its daily rebound in the early American session and touched a fresh daily high of 105.20. As of writing, the pair was up 0.4% on a daily basis at 105.13.

DXY rises modestly following US data dump

The data published by the US Bureau of Economic Analysis showed on Friday that Personal Spending in June increased by 5.6% and came in slightly better than the market expectation of 5.5%. On a negative note, however, Personal Income declined by 1.1% in the same period. Finally, the core Personal Consumption Expenditures (PCE) Price Index edged lower to 0.9% on a yearly basis.

Later in the session, the ISM Chicago's Purchasing Managers' Index (PMI) and the University of Michigan's Consumer Sentiment Survey will be looked upon for fresh catalysts.

The US Dollar Index (DXY) stretched higher with the initial reaction to the mixed US data and helped the pair preserve its bullish momentum. At the moment, the DXY is posting small daily gains at 92.97.

Meanwhile, the 10-year US Treasury bond yield is still down 1% on the day and USD/JPY's upside could remain limited if T-bond yields fail to stage a rebound in the second half of the day.

Technical levels to watch for

USD/JPY

Overview
Today last price	105.13
Today Daily Change	0.40
Today Daily Change %	0.38
Today daily open	104.73

Trends
Daily SMA20	106.69
Daily SMA50	107.25
Daily SMA100	107.57
Daily SMA200	108.27

Levels
Previous Daily High	105.3
Previous Daily Low	104.68
Previous Weekly High	107.54
Previous Weekly Low	105.68
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	104.92
Daily Fibonacci 61.8%	105.06
Daily Pivot Point S1	104.51
Daily Pivot Point S2	104.29
Daily Pivot Point S3	103.9
Daily Pivot Point R1	105.12
Daily Pivot Point R2	105.52
Daily Pivot Point R3	105.74

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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