- USD/JPY clinches multi-week highs beyond 108.00.
- JPY-selling picks up pace on the broader risk-on theme.
- The key 200-day SMA is located in the 108.30 region.
Renewed and moderate selling bias in the Japanese yen is now liftign USD/JPY to the area of fresh 2-month peaks beyond 108.00 the figure.
USD/JPY up on risk appetite trends
USD/JPY has broken above the consolidative pattern in place since mid-May and it is now flirting with the key 200-day and 100-day SMAs in the 108.30 region.
The generalized appetite for riskier assets continues to fuel the exodus from the Japanese safe haven (and the dollar), adding extra legs to the demand for the likes of the euro, the British pound and the Aussie dollar.
In addition, the unremitting re-opening of global economies collaborates with the better sentient in the risk complex in line with alleviating concerns surrounding the coronavirus.
USD/JPY levels to consider
As of writing the pair is up 0.71% at 108.34 and a breakout of 108.46 (weekly/monthly highs Jun.2) would aim to 109.38 (monthly high Apr.6) and finally 111.71 (monthly high Mar.24). On the other hand, immediate contention emerges at 107.07 (weekly low May 29) seconded by 106.35 (monthly low Apr.25) and then105.98 (monthly low May 6).
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