USD/JPY treading water above 111.00

Pablo Piovano FXStreet

The greenback keeps the positive note vs. its Japanese counterpart on Tuesday, with USD/JPY hovering over the 111.20/15 band in the wake of US releases.

USD/JPY sidelined post-US data

The pair kept the composure after US releases showed Personal Spending and the S&P/Case-Shiller Home Price index have surprised markets to the upside today, keeping the trade above the 111.00 handle although deflating from recent highs in the 111.40 area.

In the meantime, JPY remains under pressure following market chatter regarding the Japanese government could delay the sales tax hike to October 2019, collaborating with the recent upbeat tone in spot.

USD/JPY levels to watch

As of writing the pair is advancing 0.05% at 111.18 facing the immediate hurdle at 111.45 (high May 30) followed by 111.92 (high Apr.28) and finally 112.41 (100-day sma). On the other hand, a breakdown of 109.97 (55-day sma) would expose 109.24 (20-day sma) and then 105.52 (2016 low May 3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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