USD/JPY pulls away from weekly highs after US data, clings to gains around 104.60


  • USD/JPY rose to its highest level in a week at 104.75.
  • Private sector employment in the US rose less than expected in November.
  • Wall Street's main indexes look to start the day in the negative territory.

After closing flat on Tuesday, the USD/JPY pair gained traction and rose to a fresh weekly high of 104.75 on Wednesday. The pair, however, edged lower in the last hour and was last seen trading at 104.60, where it was still up 0.3% on the day. 

Focus shifts to Wall Street's opening bell

The modest USD recovery on Wednesday helped USD/JPY push higher. After touching its lowest level in more than two years at 91.10 earlier in the day, the US Dollar Index (DXY) climbed to 91.50 during the European trading hours.

After the data published by the Automatic Data Processing (ADP) Research Institue showed that private sector employment in the US increased by 307,000 in November, the DXY lost its traction and turned flat near 91.30.

In the meantime, major equity indexes in the US remain on track to start the day in the negative territory with the S&P 500 Futures losing 0.35% ahead of the opening bell. Despite the poor performance of US stocks, the 10-year US Treasury bond yield is up nearly 1% on the day, helping USD/JPY stay in the green.

Later in the session, the ISM-NY Business Conditions Index and the Federal Reserve's Beige Book will be looked upon for fresh impetus.

Technical levels to watch for

USD/JPY

Overview
Today last price 104.58
Today Daily Change 0.28
Today Daily Change % 0.27
Today daily open 104.3
 
Trends
Daily SMA20 104.39
Daily SMA50 104.9
Daily SMA100 105.44
Daily SMA200 106.53
 
Levels
Previous Daily High 104.58
Previous Daily Low 104.18
Previous Weekly High 104.76
Previous Weekly Low 103.68
Previous Monthly High 105.68
Previous Monthly Low 103.18
Daily Fibonacci 38.2% 104.34
Daily Fibonacci 61.8% 104.43
Daily Pivot Point S1 104.13
Daily Pivot Point S2 103.96
Daily Pivot Point S3 103.74
Daily Pivot Point R1 104.53
Daily Pivot Point R2 104.75
Daily Pivot Point R3 104.92

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 

EUR/USD News

GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 

GBP/USD News

Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

Gold news

Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures