- Dollar gains momentum across the board as US yields rebound.
- USD/JPY: from testing weekly lows to five-day highs in a few minutes.
The USD/JPY reached the highest level since Friday at 109.64, after rebounding sharply. The pair was testing the weekly low near 109.20 and reversed sharply as US bonds moderated their rally.
Dollar gains momentum as yields rebound ahead of CPI
The greenback hits fresh highs versus most of the G10 currencies during the American session. Still the euro and the yen are the top performers. The DXY rose from 89.81 to levels above 90.00, as US yields move off lows.
The US 10-year yield rose from 1.47% (lowest level since March) to 1.50% and boosted the US dollar. The move takes place as market participants await the CPI data to be released on Thursday.
Equity prices in the US are mixed. The Dow Jones drops 0.01% and the Nasdaq gains 0.12%. The yen is mostly lower in the market, after the USD/JPY rally.
From a technical perspective, if the USD/JPY breaks and holds clearly above 109.60 it would likely clear the way to more gains, targeting the next resistance at 109.85. Still, until US inflation data, moves are likely to remain vulnerable.
Technical levels
USD/JPY
Overview
Today last price109.61
Today Daily Change0.11
Today Daily Change %0.10
Today daily open109.5
Trends
Daily SMA20109.35
Daily SMA50109.19
Daily SMA100107.88
Daily SMA200106.23
Levels
Previous Daily High109.56
Previous Daily Low109.2
Previous Weekly High110.33
Previous Weekly Low109.33
Previous Monthly High110.2
Previous Monthly Low108.34
Daily Fibonacci 38.2%109.42
Daily Fibonacci 61.8%109.34
Daily Pivot Point S1109.28
Daily Pivot Point S2109.06
Daily Pivot Point S3108.93
Daily Pivot Point R1109.64
Daily Pivot Point R2109.78
Daily Pivot Point R3110
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.
Recommended content
Editors’ Picks
USD/JPY holds above 155.50 ahead of BoJ policy announcement
USD/JPY is trading tightly above 155.50, off multi-year highs ahead of the BoJ policy announcement. The Yen draws support from higher Japanese bond yields even as the Tokyo CPI inflation cooled more than expected.
AUD/USD extends gains toward 0.6550 after Australian PPI data
AUD/USD is extending gains toward 0.6550 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.