USD/JPY stuck in range around 111.30, eyes on US data

With the greenback extending its defensive mode into early Europe, the USD/JPY pair continues to keep its range-play intact around 111.30 levels.

USD/JPY ignores BOJ Summary of Opinions

The spot is stuck in tight trading ranges, although manages to find support from a better risk tone prevalent in the markets, as oil prices extend their recovery path. More so, positive Asian equities combined with renewed uptick seen in the US yields across the curve, also continue to keep the bulls somewhat in control.

Meanwhile, the yen markets paid little heed to the BOJ’s Summary of Opinions' for the June 15th and 16th meeting, which suggested that the Japanese economy has been turning toward a moderate expansion.

Looking ahead, the major eagerly awaits the release of the US durable goods orders data due later in the NA session. In the meantime, the USD dynamics and risk trends will continue to drive the USD/JPY price-action.

USD/JPY Technical levels                 

According to FXStreet Chief Analyst, Valeria Bednarik, “Shorter term, the 4 hours chart presents a neutral-to-bearish stance, with the price stuck around a modestly bearish 200 SMA, and technical indicators heading marginally lower around their mid-lines. A critical support comes at 110.90, the 38.2% retracement of the mentioned rally, with a break below it favoring a bearish extension towards the 110.00 region. Resistance levels: 111.60 112.00 112.45.”