USD/JPY recovers to upper half of daily range, trades near 108

  • The US 10-year Treasury bond yield turns south in NA session.
  • Wall Street stays calm ahead of key Q2 earnings figures.
  • US Dollar Index extends daily recovery toward 97.

After spending the first half of the day near the 107.80 handle, the USD/JPY pair has gained traction in the last hour and posted small gains. Nevertheless, the pair remains stuck in its daily range and was last seen trading a little below the 108 mark.

The lack of significant macroeconomic drivers today seems to be forcing the pair to fluctuate in a very tight range. After rising sharply last week, the US Treasury bond yields have gone into a consolidation phase on Monday and is not allowing the strongly-correlated pair to gather momentum. At the moment, the 10-year T-bond yield is down 0.4% on the day.

On the other hand, the US Dollar Index, which closed the previous week in the negative territory pressured by the FOMC Chairman Powell's cautious remarks that reaffirmed a rate cut in July in the eyes of investors, is making a technical correction on Monday. Additionally, the NY Fed Manufacturing Index rose to 4.3 in July from -8.6 in June to support the greenback's recovery. As of writing, the DXY was 96.92, adding 0.21% on a daily basis.

There won't be any macroeconomic data releases from Japan on Tuesday. Later in the day, the U.S. economic docket will feature retail sales data.

Technical levels to watch for


Today last price 107.9
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 107.9
Daily SMA20 108.03
Daily SMA50 108.79
Daily SMA100 110.09
Daily SMA200 110.77
Previous Daily High 108.61
Previous Daily Low 107.8
Previous Weekly High 109
Previous Weekly Low 107.8
Previous Monthly High 108.8
Previous Monthly Low 106.78
Daily Fibonacci 38.2% 108.11
Daily Fibonacci 61.8% 108.3
Daily Pivot Point S1 107.6
Daily Pivot Point S2 107.3
Daily Pivot Point S3 106.79
Daily Pivot Point R1 108.41
Daily Pivot Point R2 108.92
Daily Pivot Point R3 109.22



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

Editors’ Picks

EUR/USD battling 1.1050 after the ECB, ahead of critical PMIs

EUR/USD is consolidating its losses around 1.1050 after the ECB's cautious message on Thursday. Lagarde, its president, will speak later. Coronavirus fears are somewhat receding. Forward-looking PMIs are eagerly awaited.


GBP/USD holding its ground above 1.31 ahead of critical data

GBP/USD has been holding onto 1.31 as the US dollar retreats and ahead of Markit's preliminary PMIs, key figures that may determine the Bank of England's decision next week.


Forex Today: Markets take a break from coronavirus fears, forward-looking data eyed

Here is what you need to know on Friday, January 24: Coronavirus: While the number of cases continues rising and China canceled several New Year's cel
Read more

Gold: Portrays rising trend-channel on H4, Coronavirus in focus

Gold prices lack momentum while trading around $1,561.50 during early Friday. Even so, the bullion stays inside a short-term ascending trend-channel formation that portrays the strength of the underlying momentum.

Gold News

USD/JPY stuck in range around 109.50 amid China coronavirus concerns

USD/JPY sticks to its range play around the midpoint of the 109 handle amid rising fears of the Chinese coronavirus outbreak globally, upbeat Japanese CPI data and a minor bounce seen in the US dollar across the board. Focus shifts to US PMIs.