Published: 2/15/2018 9:25:00 AM
The Japanese Yen is extending the weekly upside vs. its American counterpart today, pushing USD/JPY to fresh lows in the 106.20/15 band earlier in the session.
USD/JPY still offered on USD-selling
After falling to the 106.20/15 zone, spot staged a comeback to the 106.80 region following a rebound in the demand for the buck. The bull run, however, lost momentum in those levels and forced the pair to return to the mid-106.00s.
In the meantime, spot continues to trade in tandem with yields in the key US 10-year note, which climbed to the boundaries of 2.95% handle – or multi-year tops – just to correct lower soon afterwards.
In the data space, USD remained apathetic following upbeat results from the Philly Fed index and producer prices, while industrial production unexpectedly contracted 0.1% MoM during last month.
USD/JPY levels to consider
As of writing the pair is losing 0.47% at 106.50 facing the next support at 106.16 (2018 low Feb.15) seconded by 102.54 (low Nov.3 2016) and finally 101.15 (low Nov.9 2016). On the other hand, a breakout of 108.51 (10-day sma) would expose 109.14 (21-day sma) and then 110.48 (high Feb.2).
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