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- USD/JPY in ranges near weekly highs, around 114.00
USD/JPY in ranges near weekly highs, around 114.00
- US dollar holds onto recent gains after US CPI data.
- Holiday in the US, bond market closed.
- USD/JPY recovers critical technical level above 113.40.
The USD/JPY is moving sideways on Thursday in neutral territory near 114.00. Earlier it climbed to 114.17, reaching the highest level in a week, and then pulled back. The pair is holding onto Wednesday’s gains when it climbed from under 113.00 to 114.00.
The rally of the US dollar across the board and higher US yield boosted USD/JPY. The US bond market is closed on Thursday due to a holiday in the US. If the decline in Treasuries continues, the pair could extend gains. The moves were triggered by higher-than-expected inflation readings in the US.
Short-term outlook
The USD/JPY is back into the prior range between 113.40 and 114.40. The recovery above 113.40 eased the bearish pressure. On the upside, the pair faces a strong barrier around 114.20/40. A consolidation above should clear the way to more gains and to a test of the YTD highs near 114.70.
A slide back under 113.30 should weaken again the USD/JPY, favoring a bearish correction. The next support stands at 113.00 followed by the weekly low at 112.70.
Technical levels
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