USD/JPY sits near 1-month tops, bulls await a sustained move beyond mid-111.00s

  • USD/JPY lacks any firm direction and remained confined in a multi-day-old trading range.
  • Optimism over the Fed’s unlimited QE and the US stimulus package extended some support.
  • Some follow-through USD weakness seemed to hold bulls from placing any aggressive bets.

The USD/JPY pair extended its sideways price action on Wednesday and is currently placed near the top end of a multi-day-old trading range, just below mid-111.00s.

A combination of diverging forces failed to provide any meaningful impetus, or assist the pair to build on its recent strong positive momentum to one-month tops and led to a subdued/range-bound price action through the early North-American session.

The recent optimism over the Fed's unlimited QE and the passage of a massive $2 trillion economic stimulus package by the US Senate dampened demand for traditional safe-haven assets and extended some support to the major.

The uptick was further supported by a goodish pickup in the US Treasury bond yields. However, some follow-through US dollar unwinding trade, led by easing concerns over tightening liquidity, kept a lid on any runaway rally for the major.

Meanwhile, Wednesday's surprisingly stronger US Durable Goods Orders data passed rather unnoticed and did little to impress bulls, warranting some caution before positioning for any further near-term appreciating move for the pair.

Hence, it will be prudent to wait for some strong follow-through buying beyond mid-111.00s, which if cleared decisively, might accelerate the positive move and could possibly lift the pair further beyond the 112.00 round-figure mark.

Technical levels to watch


Today last price 111.35
Today Daily Change 0.13
Today Daily Change % 0.12
Today daily open 111.22
Daily SMA20 107.69
Daily SMA50 108.99
Daily SMA100 109.01
Daily SMA200 108.3
Previous Daily High 111.72
Previous Daily Low 110.08
Previous Weekly High 111.51
Previous Weekly Low 105.15
Previous Monthly High 112.23
Previous Monthly Low 107.51
Daily Fibonacci 38.2% 110.71
Daily Fibonacci 61.8% 111.09
Daily Pivot Point S1 110.3
Daily Pivot Point S2 109.38
Daily Pivot Point S3 108.67
Daily Pivot Point R1 111.93
Daily Pivot Point R2 112.64
Daily Pivot Point R3 113.56



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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.


GBP/USD falls toward 1.2200 as UK PM Johnson’s health worsens

Rumors about UK PM Johnson’s health sounded loud since yesterday, now confirmed as the Prime Minister has been taken to intensive care. PM Johnson has been diagnosed coronavirus 10 days ago.


USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.


Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI fragility amid OPEC+ delays

The price of oil has been under some pressure in recent trade considering the delays to the OPEC meeting which had been scheduled for Monday but put back until Thursday. Markets are otherwise enjoying some recovery amid signs of a slow down in COVID-19 contagion. 

Oil News