- Upside in spot stalled around 111.50.
- US 10-year yields around highs near 2.35%.
- Markit’s flash PMIs next in the US docket.
The Japanese Yen is losing ground for the second session in a row on Friday, helping USD/JPY to advance to the mid-111.00s earlier in the European session, or daily highs.
USD/JPY propped up by US yields
The pair rebounded from weekly lows in the proximity of the 111.00 handle seen on Thursday following the up move in yields of the key US 10-year note from the 2.32% neighbourhood to the current area near 2.35%.
In the meantime, spot is looking to revert a negative start of the week although remains navigating the area of 2-month lows, shedding ground almost uninterruptedly since the rejection from tops in the 114.70/75 band seen in early November.
In the US data space today, Markit will publish its preliminary figures for manufacturing and services PMIs for the current month. Earlier in the session, Japanese advanced manufacturing PMI is seen above estimates at 53.8 in November.
USD/JPY levels to consider
As of writing the pair is up 0.22% at 111.46 facing the next up barrier at 111.72 (200-day sma) seconded by 112.41 (10-day sma) and finally 112.72 (high Nov.21). On the flip side, a breach of 111.06 (low Nov.23) would aim for 111.03 (50% Fibo of 107.33-114.73) and then 109.55 (low Sep.15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD stays below 1.2450 after UK employment data
GBP/USD trades marginally lower on the day below 1.2450 in the early European session on Tuesday. The data from the UK showed that the ILO Unemployment Rate in February rose to 4.2% from 4%, weighing on Pound Sterling.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price oscillates in a narrow band on Tuesday and remains close to the all-time peak. The worsening Middle East crisis weighs on investors’ sentiment and benefits the metal. Reduced Fed rate cut bets lift the USD to a fresh YTD top and cap gains for the XAU/USD.
SOL primed for a breakout as it completes a rounding bottom pattern
Solana price has conformed to the broader market crash, following in the steps of Bitcoin price that remains in the red below the $65,000 threshold. For SOL, however, the sensational altcoin could have a big move in store.
Key economic and earnings releases to watch
The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.