USD/JPY heavy and testing a break of 111.00 barrier

Ross J Burland FXStreet

Currently, USD/JPY is trading at 111.10, down -0.14% on the day, having posted a daily high at 111.35 and low at 111.03.

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USD/JPY is trading heavy overall but the greenback as shown some string resilience on the overnight session after yesterday's fallout post the FOMC outcome. However, the yen picked up the pace again with stocks taking a hit and has been threatening a break of the 111 handle's bids at the figure, or just below it. Essentially, USD/JPY made a round turn from 111.00 to 111.70 and back again and Tokyo is a choppy start following the mixed outlook on Wall Street.

From Japan, as noted by Ivan Delgado and chief editor at FXStreet, the Japanese inflation numbers came a touch higher than expected in Tokyo, while nationwide, the price levels continued to remain stagnant, with no improvements observed.

USD/JPY levels

USD/JPY: Minor resistance will be seen at 111.35

Valeria Bednarik, chief analyst at FXStreet explained that the pair is ending the day a handful of pips above a daily of 110.77. and poised to extend its decline, given that in the 4 hours chart, technical indicators have turned sharply lower, having entered negative territory, whilst the intraday advance stalled short of its 100 and 200 SMAs, with the shortest gaining downward slope above the largest, in line with a bearish continuation for this Friday.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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