USD/JPY Making Headway Towards 110.00
The USD/JPY pair caught fresh bid tone in the Asian session this session and resumed its upward trajectory, now printing fresh weekly highs.
USD/JPY finds support ahead of daily pivot at 109.26
The
offered tone around the Japanese currency keeps growing bigger in
mid-Asia, as risk-sentiment got a further lift after the Chinese data
came in much better than expected and therefore, diminished the
safe-haven bids for the yen. At the time of writing, USD/JPY flirts with
daily highs at 109.73, up +0.26% on the day.
Further, the
dollar-yen pair ignored the lack-lustre trading on the Asian indices and
jumped higher, as a minor pullback in oil prices offered support to the
overnight recovery in the major. The USD/JPY pair dropped briefly below
109 handle in the US last session after the US CPI figures disappointed
markets.
Ahead in the day, the broader market sentiment will
continue to influence the moves in USD/JPY ahead of a fresh batch of US
economic updates, viz., industrial production, prelim consumer sentiment
and the regional manufacturing index.
USD/JPY Technical levels to watch
In
terms of technicals, the immediate resistance is located at 109.86/89
(Apr 7 High/ daily R2). A break above the last, the major could test
110.75 (20-DMA). While to the downside, the immediate support is seen at
109.13/109 (1h 200-SMA/ round number) and below that at 108.73 (1h
100-SMA).
News provided by: 
