USD/JPY climbs to weekly tops, now aiming to reclaim 110.00 handle

Haresh Menghani FXStreet

• Improving risk sentiment dents JPY’s safe-haven status and triggers short-covering.
• A goodish bounce in the US bond yields underpin USD and remained supportive.

The USD/JPY pair built on its goodish intraday up-move and climbed to fresh weekly tops in the last hour, with bulls now aiming to reclaim the key 110.00 psychological mark.

After an early European session dip to mid-109.00s, a sudden turnaround in the risk sentiment undermined the Japanese Yen's safe-haven demand and helped the pair to catch some aggressive bids.

The risk-on mood was reinforced by a sharp intraday rebound in the US Treasury bond yields, which provided a minor lift to the US Dollar and remained supportive of the ongoing positive momentum.

The greenback got an additional boost following the release of upbeat US economic releases - housing market data, weekly jobless claims and Philly Fed Manufacturing Index, and kept fueling the bullish move.

Adding to this, possibilities of some short-term trading stops being triggered on a sustained move beyond 100-hour SMA further collaborated towards accelerating the move since the early North-American session.

It would now be interesting to see if the pair is able to capitalize on the recovery move or confronts some resistance at higher levels as investors' focus remains glued to fresh developments surrounding the US-China trade dispute.

Technical levels to watch

USD/JPY

Overview
Today last price	109.81
Today Daily Change	0.22
Today Daily Change %	0.20
Today daily open	109.59

Trends
Daily SMA20	110.97
Daily SMA50	111.14
Daily SMA100	110.51
Daily SMA200	111.45

Levels
Previous Daily High	109.71
Previous Daily Low	109.15
Previous Weekly High	110.96
Previous Weekly Low	109.46
Previous Monthly High	112.4
Previous Monthly Low	110.8
Daily Fibonacci 38.2%	109.37
Daily Fibonacci 61.8%	109.5
Daily Pivot Point S1	109.26
Daily Pivot Point S2	108.93
Daily Pivot Point S3	108.71
Daily Pivot Point R1	109.82
Daily Pivot Point R2	110.04
Daily Pivot Point R3	110.37

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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