“¢ The ongoing USD retracement fails to assist to build on the early uptick. “¢ Cautious mood/subdued US bond yields exert some additional pressure. “¢ Dip-buying interest is likely to limit any meaningful corrective slide. The USD/JPY pair retreated around 20-25 pips from an intraday high level of 112.56 and might now be headed back towards the lower end of its daily trading range. A fresh wave of US Dollar selling pressure since the early European session, coupled with a cautious mood around equity markets, which tends to underpin the Japanese Yen’s safe-haven appeal failed to assist the pair to build on its early uptick. Meanwhile, a subdued action around the US Treasury bond yields did little to impress the bulls and held traders back from placing any aggressive bets ahead of an important release of the US monthly retail sales data. Apart from influential US macro data, the Fed Chair Jerome Powell’s testimony on Tuesday and Wednesday will play a key role in determining the pair’s next leg of directional move. Technical Analysis Looking at the technical picture, the recent price action over the past two trading sessions might still be categorized as consolidative in nature, especially after last week’s strong upsurge of near 250-pips. With short-term technical indicators easing from near-term overbought conditions, dip-buying interest might help limit any meaningful corrective slide, at least for the time being. Spot rate: 112.36 Daily High: 112.56 Daily Low: 112.22 Trend: Bullish Support S1: 112.03 (100% Fibo. expansion level of the 109.37-111.14 up-move and subsequent retracement) S2: 111.62 (S3 daily pivot-point) S3: 111.40 (previous strong resistance break-point) Resistance R1: 112.80 (6-month tops set on Friday) R2: 113.00 (round figure mark) R3: 113.28 (R3 daily pivot-point) 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 Treasury Secretary Mnuchin: There are no blanket waivers, no grandfathering on Iran sanctions FX Street 5 years "¢ The ongoing USD retracement fails to assist to build on the early uptick. "¢ Cautious mood/subdued US bond yields exert some additional pressure. "¢ Dip-buying interest is likely to limit any meaningful corrective slide. The USD/JPY pair retreated around 20-25 pips from an intraday high level of 112.56 and might now be headed back towards the lower end of its daily trading range. A fresh wave of US Dollar selling pressure since the early European session, coupled with a cautious mood around equity markets, which tends to underpin the Japanese Yen's safe-haven appeal… 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.
