USD/JPY retreats toward 111.00 as USD weakens

USD/JPY after retreating from fresh YTD high consolidates near 111.00.
Lower US Treasury yields undermine the demand for the US dollar.
Yen remains on the sidelines as risk sentiment improves after strong US data.

Rekha Chauhan Independent Analyst

USD/JPY starts the fresh trading week on a lower note on Monday in the initial Asian trading hour. After testing the fresh YTD highs on Friday, the pair skid to lower levels breaking 111.00 mark.

At the time of writing, the USD/JPY pair is trading at 111.04, up 0.01% for the day.

The US Dollar Index (DXY), which measures the greenback performance against its six major rivals, fell below the 92.30 mark with 0.37% losses. The fall in the US dollar could be traced back to the lower US 10-year benchmark bond yields.

The US Treasury Yields traded at 1.43% with 0,10% losses, after the jobs report pointed to the continuation of the strong US economy rebound, but the market expected that the data was not strong enough to raise inflation and tightening concerns. The US Non-Farm Payroll added 850K jobs in June, much above the market estimates at 700K.

On the other hand, the Japanese yen held the ground after the Bank of Japan (BOJ) said that accelerating coronavirus vaccinations would pop up the economy. However, inflation is expected to remain subdued due to the fragile economic recovery.

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

USD/JPY additional levels

USD/JPY

Overview
Today last price	111.05
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	111.05

Trends
Daily SMA20	110.35
Daily SMA50	109.63
Daily SMA100	108.95
Daily SMA200	106.67

Levels
Previous Daily High	111.66
Previous Daily Low	110.95
Previous Weekly High	111.66
Previous Weekly Low	110.42
Previous Monthly High	111.12
Previous Monthly Low	109.19
Daily Fibonacci 38.2%	111.22
Daily Fibonacci 61.8%	111.39
Daily Pivot Point S1	110.78
Daily Pivot Point S2	110.51
Daily Pivot Point S3	110.08
Daily Pivot Point R1	111.49
Daily Pivot Point R2	111.93
Daily Pivot Point R3	112.2

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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