USD/JPY goes into consolidation near mid-108s

  • Wall Street clings to modest gains in its early session.
  • 10-year US T-bond yield erases more than 1% on Thursday.
  • US Dollar Index floats above the 97 mark.

The USD/JPY pair is having a tough time determining its next short-term direction on Thursday amid a lack of significant market drivers. As of writing, the pair was posting small daily gains on the day at 108.45.

Although the 10-year US Treasury bond yield is erasing more than 1% today, the fact that Wall Street is posting gains in the first half of the session hints at a mixed market sentiment, which makes it difficult for the pair to move in accordance with the risk perception.

On the other hand, following Tuesday's rebound, the US Dollar Index is moving in a relatively tight range in the upper half of its weekly range. Today's data from the U.S. showed that both Import and Export Prices declined in April and the weekly Jobless Claims for the week ending June 7 rose to 222K to come in worse than the market expectation of 216K. Nevertheless, investors largely ignored these data releases and the DXY extended its consolidation. As of writing, the index was up 0.06% on the day at 97.01.

In the early trading hours of the Asian session, Industrial Production and Capacity Utilization from Japan will be looked upon for fresh impetus. Later in the day, Retail Sales and Industrial Production figures from the U.S. will be the last data releases of the week. Meanwhile, investors will be paying close attention to headlines surrounding the escalating geopolitical tensions in the middle-east following the attacks on oil tankers in the Gulf of Oman.

Technical levels to watch for


Today last price 108.39
Today Daily Change -0.12
Today Daily Change % -0.11
Today daily open 108.51
Daily SMA20 109.14
Daily SMA50 110.38
Daily SMA100 110.52
Daily SMA200 111.26
Previous Daily High 108.58
Previous Daily Low 108.22
Previous Weekly High 108.62
Previous Weekly Low 107.81
Previous Monthly High 111.71
Previous Monthly Low 108.23
Daily Fibonacci 38.2% 108.36
Daily Fibonacci 61.8% 108.44
Daily Pivot Point S1 108.29
Daily Pivot Point S2 108.07
Daily Pivot Point S3 107.92
Daily Pivot Point R1 108.66
Daily Pivot Point R2 108.81
Daily Pivot Point R3 109.03



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