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    USD/JPY Forecast: Approaching June’s high

    Abstract:USD/JPY Forecast: Approaching June’s high
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    USD/JPY Current price: 110.08
    •   US Treasury yields recovered from multi-week lows, underpinned USD/JPY.

    •   Japanese April Industrial Production rose by more than anticipated.

    •   USD/JPY is bullish in the near-term, immediate resistance at 110.30.

      The USD/JPY pair reclaimed the 110.00 mark, hovering around the level heading into the Asian opening. The pair accelerated its advance during US trading hours, as US Treasury yields advanced. The yield on the benchmark 10-year note bottomed for the day at 1.45%, to later recover to 1.50%. The sour tone of equities was unable to impact the pair.

      Japan published April Industrial Production, which was up by 2.9% MoM and 15.8% YoY, beating expectations. Capacity Utilization in the same month was up 1.1%. On Tuesday, the country will release the April Tertiary Industry Index, previously at 1.1%.

    USD/JPY short-term technical outlook

      The USD/JPY pair holds on to daily gains, trading just above the 110.00 level, bullish in the near-term. The 4-hour chart shows that the pair keeps advancing beyond bullish moving averages, while technical indicators lost their bullish strength but hold near their daily highs, well into positive levels. The pair set a monthly high this June at 110.32, the level to beat to confirm another leg north.

      Support levels: 109.80 109.35 108.90

      Resistance levels: 110.30 110.75 111.05

      Stay tuned on WikiFX, more news coming soon!

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