USD/JPY pares early losses on renewed USD strength, rises to 110.30 area

USD/JPY regained its traction in the early American session.
US Dollar Index stretched higher to fresh multi-month tops above 92.00.
Fed's Bullard said inflation is more intense than expected.

Eren Sengezer FXStreet

After dropping below 110.00 earlier in the day, the USD/JPY pair regained its traction and was last seen rising 0.1% on a daily basis at 110.31.

DXY advances to highest level since April 13

Despite the unabated USD strength, falling US Treasury bond yields forced USD/JPY to turn south on Thursday following Wednesday's sharp upsurge. Nevertheless, with the benchmark 10-year US T-bond yield staying flat on the day, the USD valuation became the primary driver of USD/JPY movements ahead of the weekend. Despite Thursday's correction, USD/JPY looks to post weekly gains for the second straight week.

While speaking to CNBC on Friday, St. Louis Fed President James Bullard noted that FOMC Chairman Jerome Powell officially opened taper discussion at this week's meeting and acknowledged that the June meeting presented a "hawkish tilt."

Following these comments, the US Dollar Index (DXY) rose to its highest level in more than two months at 92.21. As of writing, the DXY was up 0.3% on the day at 92.17.

Meanwhile, Wall Street's main indexes remain on track to open deep in the negative territory, suggesting that the risk-averse market environment is likely to help the USD to continue to outperform its rivals in the American session.

Technical levels to watch for

USD/JPY

Overview
Today last price	110.3
Today Daily Change	0.09
Today Daily Change %	0.08
Today daily open	110.21

Trends
Daily SMA20	109.6
Daily SMA50	109.16
Daily SMA100	108.31
Daily SMA200	106.37

Levels
Previous Daily High	110.82
Previous Daily Low	110.17
Previous Weekly High	109.84
Previous Weekly Low	109.19
Previous Monthly High	110.2
Previous Monthly Low	108.34
Daily Fibonacci 38.2%	110.42
Daily Fibonacci 61.8%	110.57
Daily Pivot Point S1	109.98
Daily Pivot Point S2	109.74
Daily Pivot Point S3	109.32
Daily Pivot Point R1	110.63
Daily Pivot Point R2	111.06
Daily Pivot Point R3	111.29

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.