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30 Aug 2016

USD/JPY hits fresh 3-week high ahead of US consumer confidence data

The USD/JPY pair maintained its strong bid tone and touched a fresh 3-week high level of 102.45 ahead of the US consumer confidence data. 

The greenback continues to gain traction across the board after last week's hawkish comment from the Fed Chair Janet Yellen and Vice Chairman Stanley Fischer fueled speculations of an eventual Fed rate-hike, as early as in September. 

Moreover, buoyant sentiment around equity market is driving investors away from perceived safety of the Japanese Yen. Adding to this, increasing possibilities of further monetary stimulus from BoJ helped spot prices to extend the near-term recovery trend for fifth straight session, shrugging-off Tuesday's strong data showing Japan's jobless rate fell to a 21 year low.

Next in focus would be the release of Conference Board's Consumer Confidence index, which is expected to eased a bit from July's 97.3 to 97.0 in August, ahead of Friday's NFP data that is known for infusing substantial volatility across global financial markets.

Technical levels to watch

Above 102.50, we can see next resistance ahead at 102.54 (Weekly Classic R1), 102.63 (Daily Classic R2), 102.66 (August 8 high) and 102.83 (monthly high). Support below could be found at 102.28 (Daily Classic R1), 102.12 (Hourly 20 EMA), 102.04 (Daily Classic PP), and 101.91(Daily Open).

 

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