USD/JPY Eyes Flirts with 107.00 Post-US data
The greenback is now recovering the upside momentum vs. the Japanese currency, pushing USD/JPY back to the 107.00 area.
USD/JPY bid on US releases
USD re-gained strength following auspicious results from today’s US docket, with Factory Orders, Markit’s Services PMI and the ISM Non-manufacturing all coming in above expectations.
Spot has managed to bounce off session lows near 106.20 in the wake of the poor print from the ADP report, keeping gains for the third consecutive session.
USD/JPY levels to watch
As of writing the pair is up 0.33% at 107.06 facing the next hurdle at 108.89 (20-day sma) followed by 111.30 (55-day sma) and finally 111.92 (high Apr.28). On the other hand, a breakdown of 105.55 (2016 low May 2) would open the door to 105.18 (monthly low Oct.2014) and then 101.97 (monthly low Aug.7 2014).