- Gains faltered near 106.80.
- US yields advanced to 2.94%, fresh tops.
- Philly Fed rose above consensus.
The Japanese Yen is extending the weekly upside vs. its American counterpart today, pushing USD/JPY to fresh lows in the 106.20/15 band earlier in the session.
USD/JPY still offered on USD-selling
After falling to the 106.20/15 zone, spot staged a comeback to the 106.80 region following a rebound in the demand for the buck. The bull run, however, lost momentum in those levels and forced the pair to return to the mid-106.00s.
In the meantime, spot continues to trade in tandem with yields in the key US 10-year note, which climbed to the boundaries of 2.95% handle – or multi-year tops – just to correct lower soon afterwards.
In the data space, USD remained apathetic following upbeat results from the Philly Fed index and producer prices, while industrial production unexpectedly contracted 0.1% MoM during last month.
USD/JPY levels to consider
As of writing the pair is losing 0.47% at 106.50 facing the next support at 106.16 (2018 low Feb.15) seconded by 102.54 (low Nov.3 2016) and finally 101.15 (low Nov.9 2016). On the other hand, a breakout of 108.51 (10-day sma) would expose 109.14 (21-day sma) and then 110.48 (high Feb.2).
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.