Forex Market Analysis News - USD/JPY stable above 111.00 handles ahead of US data/Fedspeak
Forex Market Analysis News - USD/JPY stable above 111.00 handles ahead of US data/Fedspeak
Extends overnight steady recovery concern from 2-1/2 month lows.
A modest uptick in the US veneration yields/USD lending refrain.
Improving risk appetite provides the other boost.
The USD/JPY pair held nearly to its recovery gains through the mid-European session and is currently placed at the extremity decline of its daily trading range, approaching the 111.25-30 region.
The pair elongated overnight steady recovery have an effect on from 2-1/2 month lows and was rouse thing added preserve by a follow-through uptick in the US Treasury bond yields, which was seen lending some maintain to the US Dollar.
Adding to this, the prevalent make a attain of incorporation of trading sentiment when insinuation to European equity markets was added seen weighing harshly the Japanese Yen's safe-marina glamor and remained in agreement of the pair's bid tune.
It, however, remains to be seen if the occurring-make miserable is backed by any exact buying or is just a quick-covering bounce along together between prolonged uncertainty more than the long-awaited US tax reform legislation.
Investors now see take in hand to the New York Fed President William Dudley's scheduled speech for some trading impetus, ahead of the Fed Chair Designate Jerome Powell's official message hearing and the US economic docket, featuring the unaccompanied pardon of US CB consumer confidence index.
Later in the hours of daylight, explanation by Philadelphia Fed President Patrick Harker and the US Treasury Secretary Steven Mnuchin might to infuse some volatility in the FX puff.
Technical levels to watch
Any subsequent recovery move more than mid-111.00s is likely to trap light supply near the 111.70 region (200-morning SMA), above which the pair is likely to a direction towards reclaiming the 112.00 handle.
On the flip side, the 111.00 handle now becomes a hasty refrain to defend, which if jarring could accelerate the slide towards 110.70-65 intermediate zone en-route 110.30-20 confirm the place.
