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

USD/JPY

Overview
Today last price 111.35
Today Daily Change 0.13
Today Daily Change % 0.12
Today daily open 111.22
 
Trends
Daily SMA20 107.69
Daily SMA50 108.99
Daily SMA100 109.01
Daily SMA200 108.3
 
Levels
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


Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.

EUR/USD News

GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.

GBP/USD News

XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures