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14 Aug 2017

USD/JPY remains near session highs, is 110 next?

The USD/JPY pair, which refreshed its session high at 109.80 in the early European session, went into a consolidation phase and fluctuated in a 20-pip channel in the last couple of hours. As of writing, the pair is trading at 109.66, up 0.43% on the day.

The greenback was able to start the week on a high note, recovering its marginal losses from the previous week. The fact that the economic calendar didn't feature any data that could impact the price action on Monday helped the US Dollar Index preserve its daily earnings. As of writing, the index is at 93.25, up 0.3% on the day.

In the meantime, the risk appetite seems to have come back to the markets on Monday. After recording substantial losses in the previous week, fueled by the robust gains witnessed in the European equity indexes, Wall Street started the day higher with the Dow Jones Industrial Average up 0.6 and the S&p 500 adding 0.8% at the moment. The JPY could have a difficult time taking back its losses against the greenback amid improved market sentiment and allow the pair push higher. However, without the support of a fundamental catalyst, the pair may struggle to make a daily close above the 110 handle.

  • US stocks jump during early trade as N. Korea tensions ease

Furthermore, the 10-year U.S. Treasury-bond yield is up 1.5% on the day, further supporting the view of risk appetite dictating the market action on Monday.

Technical outlook

Following last week's heavy losses, the indicators on the daily graph are moving into the neutral territory with today's upsurge, suggesting that the bearish pressure is fading away. On the downside, supports could be encountered at 108.95 (Jun. 14 low), 108.10 (Apr. 17 low) and 106.85 (Nov. 14, 2016, low). On the upside, resistances could be seen at 110 (psychological level), 110.45 (20-DMA) and 111.45 (100-DMA).

  • USD/JPY to remain sluggish for now before bullish mid-term comeback – Deutsche Bank
  • USD/JPY keeps the bearish outlook, potential test of 108.10 – UOB
Aug 14, 2017

US stocks jump during early trade as N. Korea tensions eases

Major US equity indices witnessed a strong opening on Monday and managed to recover part of last week's sharp declines, marking the biggest weekly dro
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