USD/JPY steady above 105.50, consolidates gains

USD/JPY steady around 105.65, consolidates modest gains.
Dollar and Yen lost momentum during US session.

Matías Salord FXStreet

USD/JPY is consolidation gains. During the last hours, it has been moving on a small range between 105.55/70. It was trading at 105.60, about to test the lower limit of the mentioned range. The Greenback was still up for the day and far from yesterday’s low.

The US dollar rose sharply during the European session but then lost strength, following US data and a Bloomberg report. The news agency informed that US would use emergency law to curb Chinese investment in sectors like tech. Economic data came in mixed. The S&P/Case-Shiller Index rose 6.4% in January (y/y) above expectations while Consumer Confidence (The Conference Board) came in at 127.7 in March, below market consensus. The worst report was the Richmond Manufacturing Index that tumbled to 15 in March from 28 and below the 23 expected.

The yen and the US dollar are both higher across the board. They gained ground after hitting daily and/or monthly lows in the market earlier today. It represents a correction after falling sharply since Friday.

USD/JPY Technical levels

To the upside, immediate resistance might lie at 105.80, followed by 106.15 and 106.35. On the flip side, support could be seen 105.55 (US session low), 105.35 (daily low) and 105.00.

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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