USD/JPY consolidates near 2-month tops amid negative equities

Dhwani Mehta FXStreet

The USD/JPY pair stalled its bullish momentum near 113.40 region on Tokyo-open, as negative sentiment around the Japanese stocks underpinned safe-havens bids for the Yen.

USD/JPY: Eyes on 113.50?

Moreover, markets digest latest less hawkish comments from the Fed officials Bullard and Mester delivered in the US last session, which also keeps a lid on the major.

Further, latest warnings issued by the IMF on the near-term economic outlook for the Asia-pac economies also spooked markets, and limited the upmove.

However, the downside remains cushioned amid mildly positive treasury yields and ongoing bullish consolidative phase in the USD index around 99 handle.

Later today, the major will get influenced by risk trends amid a data-light economic calendar, with the JOLTS jobs opening and IBD/TIPP Economic Optimism data slated for release in the NA session.

USD/JPY Technical levels

A break above 113.38 (8-week tops) would expose 113.50 (psychological levels) and 113.92 (classic R2/ Fib R3). On the other hand, a breach of support at 113/112.97 (key support/ daily pivot) could yield a test of 112.87 (5-DMA) and 112.39 (100-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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