- USD/JPY’s recovery remains capped below 110.00.
- Upbeat Japanese data counters higher S&P 500 futures amid mixed mood.
- Focus shifts to the US data and Powell’s speech for fresh impetus.
The spot fails to find any comfort from the renewed strength seen in the S&P 500 futures, as widening Japanese Current Account surplus and negative domestic equities underpin the sentiment around the yen. Japan’s Balance of Payment Current Account for February rose by JPY2916.9 billion vs. JPY1996 billion expected.
The pair recovered ground in the US last session, tracking the broad-based rebound in the US dollar, as Wall Street indices saw subdued trading ahead of the earnings seasons while investors digested the FOMC March meeting’s minutes. The rise in the US Treasury yields across the curve also supported the late recovery in the major from near the 109.60 region.
In the day ahead, if the risk-off mood deepens then the US dollar could regain its upside momentum and drive USD/JPY back above 110.00. However, the dollar’s fate hinges on the broader market sentiment and Powell’s comments after the dovish Fed minutes were largely ignored.
Also, of note remains the US Jobless Claims, especially in light of the recent slew of stronger employment and business activity data. Meanwhile, the coronavirus updates also remain in focus, with Tokyo and other areas in Japan considering tighter covid restrictions, per local media reports.
USD/JPY: Technical levels
|Today last price||109.85|
|Today Daily Change||-0.02|
|Today Daily Change %||-0.02|
|Today daily open||109.85|
|Previous Daily High||109.94|
|Previous Daily Low||109.58|
|Previous Weekly High||110.97|
|Previous Weekly Low||109.37|
|Previous Monthly High||110.97|
|Previous Monthly Low||106.37|
|Daily Fibonacci 38.2%||109.8|
|Daily Fibonacci 61.8%||109.72|
|Daily Pivot Point S1||109.64|
|Daily Pivot Point S2||109.43|
|Daily Pivot Point S3||109.27|
|Daily Pivot Point R1||110|
|Daily Pivot Point R2||110.15|
|Daily Pivot Point R3||110.36|
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