USD/JPY rises back toward 111.00 despite negative tone in Wall Street

Matías Salord FXStreet

The US dollar managed to move off daily lows against the Japanese yen despite the decline in US bond yields and also as the Dow Jones falls 0.35%. The yen moved off daily highs in the currency market in a risk-off environment.

USD/JPY bottomed earlier at 110.70 and then bounced at a slow pace. Currently is hovering around 111.00, practically unchanged for the day.

Volatility in the forex market eased during he last hours and majors have been moving in minor ranges, including USD/JPY. The formal Brexit start and several statements from Federal Reserve officials did not have a large impact on financial markets.

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Technical levels

To the upside, resistance levels might be located at 111.05/10 (20-hour moving average), 111.30 (daily high) and 111.55 (Mar 23 high). On the flip side, support could be seen at 110.70/75 (daily low), 110.40 (intraday) and 110.00/10 (psychological/weekly low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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