USD/JPY flips to bullish in the near-term, next resistance at 103.90


The greenback continues to recover, and the USD/JPY pair trades at daily highs above the 103.60 price zone. More near-term gains are at sight with next resistance seen at 103.90, as FXStreet’s Chief Analyst Valeria Bednarik notes.

Key quotes

“The pair’s strength comes from government debt yields, which surged to multi-month highs on Wednesday, following news that US Democrats took control of Senate.”

“The US will publish today the November Trade Balance and employment-related figures. Initial Jobless Claims for the week ended January 1 are foreseen at  833K. Later into the session, the country will release the December ISM Services PMI, foreseen at 54.9.”

“The USD/JPY pair is shrugging off its bearish potential and could extend its advance, according to the near-term technical picture. The next relevant resistance is 103.90, with gains above the level opening doors for a steeper advance.”

 

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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD failed to recover above 1.2100

The shared currency remains under selling pressure against its American rival, trading in the 1.2080 area. Market players waiting for more hints in the form of April Retail Sales.

EUR/USD News

GBP/USD under pressure below 1.4050 amid renewed USD demand

GBP/USD trades pressured below 1.4050, as the US dollar remains broadly bid amid risk-off sentiment. Rising inflationary pressures and Brexit jitters over NI keep investors on the edge. Bailey's speech, US data in focus.

GBP/USD News

XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

Read more

US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures