Brocker.Org: USD/JPY advances to highs near 111.50

0
7

The Japanese yen stays on the defensive at the end of the week, with USD/JPY now inching higher to the mid-111.00s, or daily highs.

USD/JPY attention to US data

The pair is moving higher in tandem with yields in the US money markets, which continue to rebound from lows seen earlier during the Asian trading hours.

In the meantime, the pair continues to navigate the area of 4-week peaks in the 111.50/60 band, always looking at US yields as the main catalyst for price action. In fact, the US 10-year reference has managed to rebound to the vicinity of the 2.31% level, where it is now attempting to consolidate.

Data wise in the US docket, market participants will closely follow the first revision of Q1 GDP figures, seconded by the Chicago PMI, PCE during Q1 and the final gauge of April’s Consumer Sentiment.

USD/JPY levels to consider

As of writing the pair is gaining 0.17% at 111.46 and a surpass of 111.81 (50% Fibo of 115.51-108.11) would aim for 111.94 (55-day sma) and then 112.20 (high Mar.31). On the other hand, the next support aligns at 110.94 (38.2% Fibo of 115.51-108.11) followed by 110.85 (low Apr.26) and finally 110.04 (20-day sma).

LEAVE A REPLY

*