USD/JPY steadies near 110.30, looks to close second straight day higher


  • USD/JPY remains on track to end the day in the positive territory.
  • 10-year US Treasury bond yield is up nearly 6% on Wednesday.
  • US stocks cling to daily gains as risk flows continue to drive markets.

The USD/JPY pair stayed relatively quiet below 110.00 in the first half of the day but gathered bullish momentum during the American session. As of writing, the pair was up 0.42% on the day at 110.31.

USD/JPY capitalizes on rallying bond yields 

The positive shift witnessed in market sentiment fueled USD/JPY's upside on Wednesday as the safe-haven JPY struggled to find demand. Although the greenback also had a difficult time preserving its strength, the sharp upsurge seen in the US Treasury bond yields provided an additional boost to the positively-correlated USD/JPY.

Currently, the benchmark 10-year US T-bond yield is rising 5.3% on the day at 1.228% and the S&P 500 Index is up 0.5% at 4,344.

On the other hand, the US Dollar Index, which managed to post gains in the previous four trading days, is down 0.2% at 92.79.

USD/JPY is likely to move sideways during the Asian session on Thursday due to the Marine Day holiday in Japan. Later in the day, June Existing Home Sales and the weekly Initial Jobless Claims data will be featured in the US economic docket.

Nevertheless, the risk perception is likely to continue to have a significant impact on USD/JPY's movements ahead of the weekend.

Technical levels to watch for

USD/JPY

Overview
Today last price 110.32
Today Daily Change 0.48
Today Daily Change % 0.44
Today daily open 109.84
 
Trends
Daily SMA20 110.48
Daily SMA50 109.95
Daily SMA100 109.46
Daily SMA200 106.95
 
Levels
Previous Daily High 109.96
Previous Daily Low 109.33
Previous Weekly High 110.7
Previous Weekly Low 109.71
Previous Monthly High 111.12
Previous Monthly Low 109.19
Daily Fibonacci 38.2% 109.72
Daily Fibonacci 61.8% 109.57
Daily Pivot Point S1 109.46
Daily Pivot Point S2 109.08
Daily Pivot Point S3 108.84
Daily Pivot Point R1 110.09
Daily Pivot Point R2 110.34
Daily Pivot Point R3 110.72

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD advances toward 1.18 on upbeat market mood

EUR/USD has bounced off the fresh three-month low of 1.1751 and trades closer to 1.18 as the US dollar takes a breather from gains and the market mood improves. Covid concerns and speculation ahead of Thursday's ECB decision weighed on the euro earlier. 

EUR/USD News

GBP/USD shrugs off Brexit concerns and rebounds above 1.3650

GBP/USD is trading above 1.3650, benefiting from a better market mood. Earlier, the pound struggled with a fresh EU-UK clash over the Northern Irish protocol and high levels of covid cases. 

GBP/USD News

Gold bears chipping away at bull's commitments at $1,800

The US dollar is earmarked by some analysts as a stronger for longer trade-off. At the time of writing, XAU/USD is trading at 41,803.23 and down some 0.4% on the day after falling from a high of $1,813 to a low of 41,794.66.

Gold News

SafeMoon price nowhere near recovery despite the recent pump

SafeMoon could recover some ground with the favorable rally that is passing through the cryptocurrency market today. SafeMoon is still not breaking out of a bearish triangle play on the daily chart, and more downside seems to be in the cards.

Read more

Earnings mostly impress, bond market selloff may last, oil rises, gold slumps, Bitcoin boom

The lessons learned from the bond market should be that Wall Street needs to expect excessive volatility over the next few months as the Fed manages a taper announcement as pressure grows for them to normalize rates. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures