USD/JPY Drops to Lows Near 109.00
The greenback is now losing the grip vs. the Japanese currency, dragging USD/JPY to test lows in the 109.00 area.
USD/JPY focus on US data
It seems spot has resumed its downside today, now retreating for the second session in a row after climbing as high as the 109.70 area during overnight trade. The recent upside momentum in the dollar now looks to be taking a breather ahead of today’s releases in the US economy.
In fact, USD will take centre stage in light of US Industrial Production figures and Capacity Utilization, seconded by the Consumer Sentiment gauge tracked by the Reuters/Michigan index.
USD/JPY levels to watch
As of writing the pair is retreating 0.36% at 109.05 and a breach of 107.65 (2016 low Apr.12) would open the door to 105.18 (monthly low Oct.2014) and then 100.74 (monthly low Feb.4 2014). On the other hand, the next up barrier aligns at 109.73 (high Apr.15) followed by 110.88 (20-day sma) and finally 112.90 (55-day sma).
(Market News Provided by FXstreet)