• USD/JPY broke out of daily trading range ahead of American session.
  • 10-year US T-bond yield is moving sideways on Wednesday.
  • Investors await US data, FOMC's July meeting minutes. 

After closing in the positive territory on Tuesday, the USD/JPY pair moved sideways near 109.50 during the Asian trading hours but managed to regain its traction. As of writing, the pair was up 0.2% on a daily basis at 109.80.

USD/JPY extends rebound ahead of key FOMC publication

The renewed USD strength helped USD/JPY turn north on Tuesday. The US Dollar Index, which posted small gains on Monday, rose more than 0.5% and reached a weekly high of 93.17. Nevertheless, the risk-averse market environment allowed JPY to find demand as a safe haven and stay resilient against its major rivals.

Earlier in the day, the data from Japan revealed that Machinery Orders declined by 1.5% on a monthly basis in June. This reading came in better than the market expectation for a decrease of 2.8% but failed to provide a boost to the JPY.

In the early trading hours of the American session, July Housing Starts and Building Permits data from the US will be looked upon for fresh impetus. More importantly, the FOMC will release the minutes of its July meeting at 1800 GMT.

In the meantime, the S&P Futures are trading flat on the day, suggesting that investors are likely to remain cautious in the second half of the day and limit USD/JPY's fluctuations. Furthermore, the benchmark 10-year US Treasury bond yield is moving sideways after closing the previous two trading days flat, reflecting the choppy trading action.

Technical levels to watch for


Today last price 109.79
Today Daily Change 0.20
Today Daily Change % 0.18
Today daily open 109.59
Daily SMA20 109.91
Daily SMA50 110.17
Daily SMA100 109.68
Daily SMA200 107.46
Previous Daily High 109.66
Previous Daily Low 109.12
Previous Weekly High 110.8
Previous Weekly Low 109.55
Previous Monthly High 111.66
Previous Monthly Low 109.06
Daily Fibonacci 38.2% 109.45
Daily Fibonacci 61.8% 109.32
Daily Pivot Point S1 109.25
Daily Pivot Point S2 108.91
Daily Pivot Point S3 108.71
Daily Pivot Point R1 109.79
Daily Pivot Point R2 109.99
Daily Pivot Point R3 110.33



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.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD remains pressured below 0.6900 despite upbeat China PMI

AUD/USD is off the lows but remains pressured below 0.6900 on a big beat on the Chinese Caixin Manufacturing PMI. The US dollar attempts a recovery amid risk-off trading, ahead of US ISM. Strong Aussie PMI, increasing odds of another 50 bps RBA rate hike fails to recall bulls. 


USD/JPY sinking towards overnight lows near 135.50

USD/JPY sinking towards overnight lows near 135.50

USD/JPY bears move in and the price heads towards overnight lows. The yen regathered below the 24-year peak of 137 vs. the dollar although the gap between a hawkish Federal Reserve and a dovish Bank of Japan continues to weigh heavily on the Japanese currency. 


Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold struggles to defend $1,800 as DXY rebounds ahead of US ISM PMI

Gold Price remains pressured around the lowest levels in seven weeks after breaking the key support. US Dollar regains upside momentum, as recession woes favor the greenback. US ISM Manufacturing PMI for June could direct market moves.

Gold News

Will the ApeCoin price fall to $2 this summer

Will the ApeCoin price fall to $2 this summer

ApeCoin price shows incoming sell-off signals on the final day of June. It is best to wait for a breach of the invalidation level before counter-trend trading the Ethereum-based NFT Token. Invalidation of the bearish downtrend is a breach above $6.15.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!