USD/JPY in a phase of bullish consolidation near 113.50

Stalls upside as risk sentiment turns sour, US dollar sees fresh selling.
Will continue to track USD dynamics and broader market sentiment.

The USD/JPY pair failed once again to extend the upside once again above the 113.50 level, now consolidating near six-day tops, as the bulls turn cautious amid a turnaround in the risk sentiment, as reflected by negative European equities and Treasury yields.

The renewed weakness seen around the Treasury yields is dragging the US dollar lower across the board while markets prefer to remain on the sidelines heading into the crucial ECB monetary policy decision due to be announced later today, underpinning the demand for the safe-haven Yen.

Further, the US dollar weakness can be also attributed to the fresh buying seen around the Cable, as the European traders cheer the UK PM May’s confidence vote win overnight. In the day ahead, the pair will continue to get influenced by the risk trends and US dollar price-action amid a lack of first-tier macro news from the US docket.

USD/JPY Technical Levels

USD/JPY

Overview:
    Today Last Price: 113.44
    Today Daily change: 25 pips
    Today Daily change %: 0.221%
    Today Daily Open: 113.19
Trends:
    Previous Daily SMA20: 113.17
    Previous Daily SMA50: 113.01
    Previous Daily SMA100: 112.33
    Previous Daily SMA200: 110.69
Levels:
    Previous Daily High: 113.52
    Previous Daily Low: 113.14
    Previous Weekly High: 113.83
    Previous Weekly Low: 112.23
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 113.28
    Previous Daily Fibonacci 61.8%: 113.37
    Previous Daily Pivot Point S1: 113.04
    Previous Daily Pivot Point S2: 112.9
    Previous Daily Pivot Point S3: 112.66
    Previous Daily Pivot Point R1: 113.43
    Previous Daily Pivot Point R2: 113.67
    Previous Daily Pivot Point R3: 113.81

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