USD/JPY refreshes multi-week high near 110.30 as USD rebounds

USD/JPY extends the previous session’s gain in the initial Asian trading hours.
Higher US Treasury yields underpin the demand for the US dollar
US Dollar Index remains steady above 92.30, Inflation data eyed.

Rekha Chauhan Independent Analyst

USD/JPY edges higher with the previous day’s gains in the Asian session on Tuesday. The steady movement in the US dollar keeps USD/JPY on the upper side.

At the time of writing, USD/JPY is trading at 110.33, down 0.01% for the day.

The US 10-year benchmark yields rebound from the early lower levels near 1.33% amid the concerns that the economic recovery has passed and growth is slowing in the US.

Investors rushed to the US dollar as infection rates of the coronavirus variant accelerated weighed on investor’s risk-appetite.

On the other hand, the Japanese yen held the ground on its safe haven appeal as investor’s risk appetite dampens on rising coronavirus infections.

The Japanese yen lost its ground on bleak economic recovery prospects due to renewed virus concerns and lag in the vaccination program.

Meanwhile, data released on Monday showed that the Japanese wholesale prices continued to surge in June as import costs remained high at the fastest pace on record.

As for now, the dynamics around the US dollar continue to influence the pair’s performance.

USD/JPY additional levels

USD/JPY

Overview
Today last price	110.32
Today Daily Change	0.19
Today Daily Change %	0.17
Today daily open	110.13

Trends
Daily SMA20	110.58
Daily SMA50	109.8
Daily SMA100	109.19
Daily SMA200	106.79

Levels
Previous Daily High	110.26
Previous Daily Low	109.66
Previous Weekly High	111.19
Previous Weekly Low	109.53
Previous Monthly High	111.12
Previous Monthly Low	109.19
Daily Fibonacci 38.2%	110.03
Daily Fibonacci 61.8%	109.89
Daily Pivot Point S1	109.78
Daily Pivot Point S2	109.42
Daily Pivot Point S3	109.18
Daily Pivot Point R1	110.37
Daily Pivot Point R2	110.61
Daily Pivot Point R3	110.96

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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