“¢ A goodish pickup in the USD demand triggers the initial leg of rebound. “¢ Fading safe-haven demand/positive US bond yields remain supportive. “¢ Technical buying provides an additional boost and adds to the momentum. The USD/JPY pair built on its intraday recovery from two-week lows and is now looking to build on its momentum back above the key 110.00 psychological mark. Having found decent support near the 109.40-35 region, 55-day SMA, the pair started trending higher and has now added around 70-pips from session lows. Against the backdrop of a goodish pickup in the US Dollar demand, a positive opening across the US equity markets weighed on the Japanese Yen’s safe-haven appeal and provided an additional boost to the pair’s up-move. Bulls also seemed to track an uptick in the US Treasury bond yields, with traders shrugging off a weaker than expected US macro data. In fact, the Conference Board’s consumer confidence index for June came in at 126.4 but was largely offset by an upward revision of the previous month’s reading to 128.8 as against 128.0 reported previously. Meanwhile, possibilities of short-term trading stops being triggered above Asian session high level of 109.80 could also be one of the key factors behind the pair’s latest leg of sharp spike over the past hour so. Hence, it would prudent to wait for a strong follow-through momentum in order to confirm that the up-move is backed by some genuine buying and is not a stop run. Technical levels to watch Any subsequent up-move is likely to face immediate resistance near the 110.30-35 region, above which the pair is likely to aim towards retesting the 110.75-80 supply zone before eventually darting towards the 111.00 handle. On the flip side, the 109.75 level now seems to protect the immediate downside, which if broken might turn the pair vulnerable to slide back towards retesting the 109.40-35 support area en-route the 109.00 mark. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY Technical Analysis: Greenback bulls wake up and test weekly high near 110.00 level FX Street 5 years "¢ A goodish pickup in the USD demand triggers the initial leg of rebound. "¢ Fading safe-haven demand/positive US bond yields remain supportive. "¢ Technical buying provides an additional boost and adds to the momentum. The USD/JPY pair built on its intraday recovery from two-week lows and is now looking to build on its momentum back above the key 110.00 psychological mark. Having found decent support near the 109.40-35 region, 55-day SMA, the pair started trending higher and has now added around 70-pips from session lows. Against the backdrop of a goodish pickup in… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.