USD/JPY renews weekly highs, closes in on 110.00 on broad USD strength

  • USD/JPY pair preserves its bullish momentum on Friday.
  • US Dollar Index rises above 90.50 in the second half of the day.
  • 10-year US Treasury bond yield is up more than 2%.

The USD/JPY pair continues to push higher ahead of the weekend with the greenback preserving its strength during the American trading hours. As of writing, the pair was trading at its highest level in a week at 109.84, rising 0.48% on a daily basis. 

DXY extends daily rally beyond 90.50

The USD's market valuation remains the primary driver of USD/JPY's movements on Friday. In the absence of high-tier macroeconomic data releases, the more-than-2% increase seen in the benchmark 10-year US Treasury bond yield is helping the USD outperform its rivals. At the moment, the US Dollar Index (DXY) is up 0.55% on the day at 90.55.

Meanwhile, Wall Street's main indexes, which opened in the positive territory on Friday, turned red in the last hour, providing an additional boost to the greenback.

The only data from the US revealed on Friday that the University of Michigan's Consumer Sentiment Index improved modestly to 86.4 in June's flash estimate from 82.9 in May. This reading came in better than the market expectation of 84 but failed to trigger a noticeable market reaction.

USD/JPY Weekly Forecast: Fed timing is everything.

"The USD/JPY's minor gain this week brings it to the higher side of its six-week range, just as the trading for most of May plumbed the lower side of this 108.50-110.00 spread," notes FXStreet Senior Analyst Joseph Trevisani. "Neither fundamental nor technical analysis provides much direction. Fundamentals are tied to the US Federal Reserve's temporizing policy position and the BOJ's lack of credible rate tools. "

Technical levels to watch for


Today last price 109.82
Today Daily Change 0.49
Today Daily Change % 0.45
Today daily open 109.33
Daily SMA20 109.34
Daily SMA50 109.14
Daily SMA100 108
Daily SMA200 106.27
Previous Daily High 109.8
Previous Daily Low 109.31
Previous Weekly High 110.33
Previous Weekly Low 109.33
Previous Monthly High 110.2
Previous Monthly Low 108.34
Daily Fibonacci 38.2% 109.49
Daily Fibonacci 61.8% 109.61
Daily Pivot Point S1 109.16
Daily Pivot Point S2 108.99
Daily Pivot Point S3 108.67
Daily Pivot Point R1 109.65
Daily Pivot Point R2 109.96
Daily Pivot Point R3 110.13



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls from highs as the dollar catches a bid

EUR/USD has turned south, trading under 1.2150 as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. Earlier, the euro shrugged off the ECB's dovish, no-tapering stance. 


GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.


XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more