USD/JPY Fails to Resist Above 109 Amid Risk-on
The bulls face exhaustion in the European session, now pushing USD/JPY back below 109 handle as focus now shifts towards the upcoming Fed speak for fresh cues on the Fed rate hike prospects.
USD/JPY: Yen stalls corrective slide
The
offered tone around the Japanese yen weakened over the last hour, as
safe-havens are seen back in demand as the European stocks appear to
pare gains, despite strong gains in the oil prices. At the time of
writing, USD/JPY eases to 108.77, still up +0.52% on the day, after
having printed daily highs at 109.10 in the last hour.
Amid a
lack of relevant fundamental triggers for the pair, investors await
fresh hints on the Fed rate hike outlook later on the day when New York
President William Dudley is due to speak. In the meantime, markets
continue to digest comments from Fed’s Yellen and George delivered
earlier in Asia.
USD/JPY Technical levels to watch
In
terms of technicals, the immediate resistance is located at 109/109.10
(round number/ daily high/). A break above the last, the major could
test 109.49/86 (daily R1/ Apr 7 High). While to the downside, the
immediate support is seen at 108.58/50 (daily pivot/ psychological
levels) and below that at 108 (multi-month lows).
(Market News Provided by FXstreet)
