“¢ Builds on overnight strong gains amid a follow-through USD up-move. “¢ Fading safe-haven demand weighs on JPY and remains supportive. The USD/JPY pair built its positive momentum beyond the 111.00 handle and touched 1-1/2 month tops in the last hour, albeit retreated few pips thereafter. The US Dollar extended overnight rebound from overnight three-week lows and was seen as one of the key factors helping the pair to continue gaining positive traction for the second consecutive session on Tuesday. With investors putting the US-China trade dispute in the back burner, a mildly positive trading sentiment around equity markets dented the Japanese Yen’s safe-haven demand and further collaborated to the pair’s strong up-move through the Asian session. The Japanese Yen was further weighed down by today’s preliminary release of Machine Tool Orders, coming in to show a growth of 11.4% y/y for June as compared to previous month’s reading of 14.9%. The pair rose to its highest since May 22, albeit struggled to extend the bullish momentum towards an important resistance near the 111.40 region (May monthly tops). Hence, it would prudent to wait for a strong follow-through buying before positioning for any further near-term up-move. Technical outlook Omkar Godbole, Analyst and Editor at FXStreet writes: “A sustained move to 111.55 could be on the cards if the pair closes today above 111.13 (last Tuesday’s bearish outside-day candle).” “A weekly close above 111.55 (Friday’s NY close) would confirm a long-term bearish-to-bullish trend change and the daily chart indicates the bull breakout will likely happen soon,” he adds further. 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 EUR/USD Technical Analysis: within a consolidative theme underpinned by 10-day/21-day SMA. FX Street 4 years "¢ Builds on overnight strong gains amid a follow-through USD up-move. "¢ Fading safe-haven demand weighs on JPY and remains supportive. The USD/JPY pair built its positive momentum beyond the 111.00 handle and touched 1-1/2 month tops in the last hour, albeit retreated few pips thereafter. The US Dollar extended overnight rebound from overnight three-week lows and was seen as one of the key factors helping the pair to continue gaining positive traction for the second consecutive session on Tuesday. With investors putting the US-China trade dispute in the back burner, a mildly positive… 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.