USD/JPY extends rebound and prints fresh daily highs above 107.70

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The USD/JPY pair broke to the upside after moving sideways for hours during 107.05 and 107.30. It climbed to 107.82, hitting a fresh daily high as the US dollar strengthened across the board.

The US Dollar Index (DXY) erased most of its losses and rebounded from two-month lows, rising back to 98.30. The recovery of the greenback took place as equity price in Wall Street turned negative. The Dow Jones is falling 0.75% and the S&P 500 0.40%. Investors remain caution amid US-China tensions. US President Trump will offer a press conference on Friday regarding China.

Economic data from the US came in mixed. Personal spending dropped more than expected, at a record pace while Personal Income registered an unexpected 10% gain. Later, the Consumer Sentiment Index from the University of Michigan showed a decline to 72.3 in May against expectations of a recovery to 74. Still, the economic numbers continue to have practically no impact in markets.

Chairman Powell is speaking at a Princeton event. He mentioned the Federal Reserve is strongly committed to using its tools. He added, emergency tools are for lending but not for spending.

Short-term levels

The recovery above 107.30/40 put USD/JPY back in the previous range been 107.40 and 108.00. It the positive tone prevails, an approximation to 108.00 seems likely. A break above 108.00 would clear the way to more gains, targeting 108.40. On the flip side, 107.40 has become support again, followed by the 107.00 area.

 

USD/JPY

Overview
Today last price 107.78
Today Daily Change 0.13
Today Daily Change % 0.12
Today daily open 107.65

 

Trends
Daily SMA20 107.19
Daily SMA50 107.86
Daily SMA100 108.38
Daily SMA200 108.34

 

Levels
Previous Daily High 107.9
Previous Daily Low 107.57
Previous Weekly High 108.09
Previous Weekly Low 107.04
Previous Monthly High 109.38
Previous Monthly Low 106.36
Daily Fibonacci 38.2% 107.7
Daily Fibonacci 61.8% 107.77
Daily Pivot Point S1 107.51
Daily Pivot Point S2 107.38
Daily Pivot Point S3 107.18
Daily Pivot Point R1 107.84
Daily Pivot Point R2 108.04
Daily Pivot Point R3 108.17