USD/JPY pushes higher above 107.00, tests daily cloud
- The greenback is picking up extra pace vs. the Japanese Yen today.
- Spot faces strong hurdle above 107.00, where sits the daily cloud base.
- ECB minutes, US Initial Claims and Export/Import Prices next on tap.
The Japanese currency is now accelerating the downside vs. its American counterpart on Thursday, lifting USD/JPY to fresh daily highs beyond 107.00 the figure.
USD/JPY up on USD gains
The renewed better tone around the greenback plus easing geopolitical concerns on the US-Syria-Russia front have been supporting the up move in spot today, which in turn manages to revert yesterday’s pullback and challenges the relevant resistance area beyond the 107.00 handle, where converges the base of the daily cloud and the 55-day sma.
On the USD-side, the pick up in the risk-on trade has been accompanying the correction higher in the US Dollar Index (DXY), which is now flirting with session peaks in the 89.80 vicinity.
Adding to JPY weakness, the BoJ reiterated once again its mega-loose stance regarding the monetary conditions.
Later in the session, US Export/Import Prices for the month of March are due seconded by the weekly Initial Claims and the speech by Minneapolis Fed N.Kashkari (non voter, dovish).
USD/JPY levels to consider
As of writing the pair is gaining 0.32% at 107.13 facing the next up barrier at 107.50 (high Apr.5) seconded by 107.92 (high Feb.21) and then 110.48 (high Feb.2). On the other hand, a breakdown of 106.61 (low Apr.9) would aim for 106.33 (21-day sma) and finally 105.66 (low Apr.2).