Friday, September 6, 2019

USD/JPY

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Fundamental Highlights

The Dollar boosted against the Yen after news confirming that the US and China will resume trade talks early October, while the greenback accelerated its recovery following the release of a better-than-anticipated ISM Non-Manufacturing PMI. The market dumped safe-haven assets, with gold falling alongside the Yen, equities posting solid gains and the yields on the US 10-year Treasury note recovering. Today, market participants will be waiting for US employment data and the Fed’s Powell speech before deciding the next directional move.

Technical Analysis

The Dollar bulls retested the overhead resistance level, 106.70, of this recent consolidation zone, which is also the 200-day moving average, but could not find the necessary momentum to break above it, yet. If the bulls will able to take out that level, a retest of 107.05 will be on the cards for today’s session. However, any loss in momentum will keep price trading in the same range with no clear bias.

Support: 106.70 / 106.25
Resistance: 107.05/ 107.30

Chart (H4)
USDJPY