“¢ USD remains supported by the overnight hawkish comment by Fed’s Powell. “¢ Easing US-China trade tensions further weigh on JPY’s safe-haven appeal. “¢ Overbought readings prompt profit-taking, albeit dips are likely to get bought into. The USD/JPY pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading range, just above mid-112.00s. The pair continued with its bullish trajectory and was supported by easing US-China trade tensions, following a Bloomberg report that the world’s two biggest economies are willing to resume trade talks and resolve their differences. The report prompted a fresh wave of global risk-on trade and was eventually seen weighing on the Japanese Yen’s safe-haven appeal. This coupled with a modest US Dollar uptick, underpinned by overnight hawkish comments by the Fed Chair Jerome Powell, provided an additional boost and lifted the pair to a fresh six-month high level of 112.77 during the Asian session on Friday. During a radio interview on Thursday, Fed’s Powell said that the US economy is in a “good place” at the moment with low unemployment and inflation rising toward the central bank’s optimal range, reaffirming prospects for at least two more interest-rate hikes by the end of this year. Technical Analysis From a technical perspective, near-term overbought conditions could be one of the key factors prompting some profit-taking, especially after this week’s strong upsurge of 140-pips over the past five trading session. However, considering the latest bullish breakthrough the 111.40 key hurdle (61.8% Fibonacci expansion level of the 109.37-111.14 up-move and subsequent retracement) and follow-through momentum beyond the 112.00 handle, any meaningful dip might now be seen as an opportunity to initiate fresh long positions. Spot rate: 112.56 Daily High: 112.77 Daily Low: 112.47 Trend: Bullish Resistance R1: 112.83 (R1 daily pivot-point) R2: 113.00 (round figure mark) R3: 113.39 (YTD tops set early Jan.) Support S1: 112.47 (current day swing low) S2: 112.09 (S1 daily pivot-point) S3: 111.70 (20-period SMA H4) 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 US: Steady core inflation – Nomura FX Street 5 years "¢ USD remains supported by the overnight hawkish comment by Fed's Powell. "¢ Easing US-China trade tensions further weigh on JPY's safe-haven appeal. "¢ Overbought readings prompt profit-taking, albeit dips are likely to get bought into. The USD/JPY pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading range, just above mid-112.00s. The pair continued with its bullish trajectory and was supported by easing US-China trade tensions, following a Bloomberg report that the world's two biggest economies are willing to resume trade talks and resolve their… 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.