USD/JPY off-lows, but remains capped below 5-DMA

Dhwani Mehta FXStreet

The USD/JPY pair remains under pressure in the mid-Asian session, extending previous losses incurred in response to poor US macro news, which dampened Fed’s rate hike outlook for this year.

USD/JPY subdued amid a lack of fresh drivers

The dollar-yen pair trades largely subdued largely on the back of broad based US dollar weakness, as uncertainty over Fed’s rate hike prospects crept back into markets after a spate of US economic data disappointed markets. The pair is last seen exchanging hands at 103.84, down -0.06% on the day.

Moreover, the major fails to benefit from a better risk tone in the markets, triggered by higher oil prices. While steepening yield curve in Asia caps the upside in the USD/JPY pair. Later today, all eyes will remain on the US CPI figures due out in the NA session, while tomorrow’s China data dump will be closely eyed for further moves in the risk-sensitive USD/JPY.

USD/JPY Technical levels to watch

In terms of technicals , the immediate resistance is located at 103.93/104 (5-DMA/ round figure). A break above the last, the major could test 104.50 (psychological levels) and 104.63 (3-month high) beyond the last. While to the downside, the immediate support is seen at 103.69 (10-DMA), next at 103.32 (daily S2) and below that at 103.00 (key support).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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