USD/JPY pushes higher to 111.70, 3-day tops

Pablo Piovano FXStreet

The Japanese Yen continues to depreciate at the beginning of the week, now lifting USD/JPY to the area of 111.70, multi-day peaks.

USD/JPY up on US yields

Spot is moving higher on Monday propped up by the solid performance of US yields, with the 10-year reference retaking the 2.16% level and above for the time being.

In addition, the greenback – when tracked by the US Dollar Index (DXY) – is looking to gain extra traction above the 97.00 limestone, all collaborating with the pair’s upside.

USD/JPY is thus reverting a 4-session negative streak so far today, approaching the 111.8-0 region, where sit the 100-day sma and recent tops.

USD/JPY levels to consider

As of writing the pair is gaining 0.33% at 111.66 and a breakout of 111.81 (100-day sma/high Jun.20) would open the door to 112.12 (high May 24) and finally 112.26 (61.8% Fibo of the May-June drop). On the other hand, the next support is located at 111.08 (55-day sma) followed by 110.96 (200-day sma) and then 110.67 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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