USD/JPY: Immediate resistance seen at 106.95

FXStreet Team FXStreet

USD/JPY trades at fresh 2021 highs in the 106.70 price zone as market players continue to buy the greenback. The pair is firmly bullish in the near-term and eyes the 107.00 level, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Weekend news spurred some risk-appetite at the beginning of the day, as the focus shifted to the US fiscal aid. The House of Representatives passed President Joe Biden’s $1.9 trillion stimulus bill, which has now moved to the Senate. Democrats hope to pass it before March 14, when the previous stimulus expires.”

“Japan published the February Jibun Bank Manufacturing PMI, which printed at 51.4 from 50.6 in the previous month. The US session will include the final reading of the February Markit Manufacturing PMI and the official ISM manufacturing index, the latter foreseen at 58.8 from 58.7 previously.”

“In the 4-hour chart, the pair keeps advancing above all of its moving averages. The 20 SMA is firmly up, above the 100 SMA and about to cross the 200 SMA, reflecting the strong near-term buying interest.”

“Further gains are to be expected on a break above 106.95, the immediate resistance level.”

Author

FXStreet Team

FXStreet

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