- USD/JPY is struggling to make a decisive move on Wednesday.
- US Dollar Index remains on track to post its lowest daily close since March 18.
- 10-year US Treasury bond yield is up more than 1%.
After closing the first two trading days of the week in the negative territory, the USD/JPY pair turned quiet and continues to fluctuate in a relatively tight range on Wednesday. As of writing, the pair was down 0.08% on a daily basis at 108.96.
DXY falls for the third straight day
Despite the broad-based selling pressure surrounding the greenback, USD/JPY's losses remain limited on the day as the modest rebound witnessed in the US Treasury bond yields make it difficult for the JPY to find demand. Currently, the benchmark 10-year US T-bond yield is up 1.1% at 1.634%.
On the other hand, the US Dollar Index, which touched its lowest level in nearly four weeks at 91.57 earlier in the day, is consolidating its losses at 91.66 and remains on track to post its worst daily close since March 18.
The only data from the US showed on Wednesday that the Import Prive Index jumped to 6.9% on a yearly basis in March from 3% in February but this reading failed to trigger a meaningful market reaction.
In the early trading hours of the Asian session on Thursday, Bank of Japan (BoJ) Governor Haruhiko Kuroda will be delivering a speech. Later in the day, weekly Initial Jobless Claims, Retail Sales and Industrial Production data will be featured in the US economic docket.
Technical levels to watch for
|Today last price||108.95|
|Today Daily Change||-0.11|
|Today Daily Change %||-0.10|
|Today daily open||109.06|
|Previous Daily High||109.75|
|Previous Daily Low||109.02|
|Previous Weekly High||110.75|
|Previous Weekly Low||109|
|Previous Monthly High||110.97|
|Previous Monthly Low||106.37|
|Daily Fibonacci 38.2%||109.3|
|Daily Fibonacci 61.8%||109.47|
|Daily Pivot Point S1||108.8|
|Daily Pivot Point S2||108.54|
|Daily Pivot Point S3||108.07|
|Daily Pivot Point R1||109.54|
|Daily Pivot Point R2||110.01|
|Daily Pivot Point R3||110.27|
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