Currently, USD/JPY is trading at 104.24, up 0.43% on the day, having posted a daily high at 104.33 and low at 103.72.
USD/JPY is in a consolidative phase on the daily sticks and has been since the start of October. The uncertainty in the markets had been favourable to the Yen bulls, but that seems to be clearing up a little and there is a resurgence in the greenback again, with the DXY rallying to fresh highs through the key 98.80 resistance recently. Oil has also taken a knock and that is supportive of a rebound in the dollar, supporting a better bid USD/JPY in the US session today.
The Presidential elections and Brexit have been the underlying concerns in the market of late, but both of these are looking less problematic for the meantime and with China stabilizing, markets are focussing back to whether the Fed will be hiking in December after a Clinton victory, with the majority favouring such an outcome in both respects, underpinning stocks and the greenback.
USD/JPY levels
"USDJPY is breaking through short-term (intraday, daily) “cloud” chart resistance as the market retests the recent range highs above 104. Consecutive rejections of the 99.95/100 through the mid year period suggest that if the USD can extend gains through the low/mid 104 range, a deeper rebound in the USD towards 108.00/50 may follow," - Scotiabank.
Meanwhile, with spot trading at 104.25, we can see next resistance ahead at 104.33 (Daily High), 104.40 (Weekly Classic R1), 104.55 (Daily Classic R2), 104.88 (Daily Classic R3) and 105.00 (Weekly Classic R2). Support below can be found at 104.22 (Yesterday's High), 104.20 (Monthly High), 104.18 (Daily Classic R1), 104.05 (Hourly 20 EMA) and 103.95 (Weekly High).
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.
Recommended content
Editors’ Picks
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold holds near $2,330 despite rising US yields
Gold stays in positive territory near $2,330 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, making it difficult for XAU/USD to extend its daily rally.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.