“¢ Fading safe-haven demand continues to weigh on JPY and remained supportive. “¢ The USD bulls digest the post-US CPI uptick and failed to provide fresh impetus. “¢ Traders now look forward to the US economic releases – retails sales and PPI print. The USD/JPY pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band, just above the 111.00 handle, or YTD tops. A combination of supporting factors helped the pair to quickly reverse an early Asian dip to the 110.85 region and regain some positive traction. The prevalent risk-on mood got an additional boost after a Bloomberg report indicated that the US President Donald Trump is considering extending the March 1 tariff deadline by 60 days. The news added to the recent optimism over a possible resolution of US-China trade disputes and was eventually weighed on the Japanese Yen’s safe-haven status. The JPY bulls seemed rather unimpressed by today’s release of the prelim GDP growth figures from Japan, showing that the economy is estimated to have expanded by 0.3% q/q in the last quarter of 2018. The reading was largely negated by a downward revision of previous quarter’s already weaker reading, now showing a contraction of 0.6% as compared to 0.3% reported previously. As Neil MacKinnon, Global Macro Strategist at VTB Capital explained: “The major central banks face a challenge now in how to combat either the next recession or the next financial crisis. Both the ECB and BoJ have been unable to move away from negative benchmark rates and therefore would seemingly have little monetary ammunition left. The experience of Japan is instructive, and while the BoJ has actually been at the vanguard of unconventional monetary policies since the early 1980’s, these policies have failed to deliver what was promised. Indeed, the BoJ seems stuck in an endless loop of repeating variants of the same policies without success.” Meanwhile, the US Dollar was seen digesting the overnight gains led by slightly better than expected US core CPI figures and turned out to be the only factor that failed to provide any fresh bullish impetus to the major, leading to a subdued/range-bound price action through the early European session. Moving ahead, today’s US economic docket, featuring the key release of monthly retail sales data and the latest PPI print, will now be looked upon for some fresh impetus later during the early North-American session. Technical levels to watch USD/JPY Overview: Today Last Price: 111.09 Today Daily change %: 0.08% Today Daily Open: 111 Trends: Daily SMA20: 109.71 Daily SMA50: 110.26 Daily SMA100: 111.67 Daily SMA200: 111.29 Levels: Previous Daily High: 111.02 Previous Daily Low: 110.41 Previous Weekly High: 110.16 Previous Weekly Low: 109.43 Previous Monthly High: 110 Previous Monthly Low: 104.75 Daily Fibonacci 38.2%: 110.79 Daily Fibonacci 61.8%: 110.64 Daily Pivot Point S1: 110.6 Daily Pivot Point S2: 110.2 Daily Pivot Point S3: 110 Daily Pivot Point R1: 111.21 Daily Pivot Point R2: 111.42 Daily Pivot Point R3: 111.81 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 Russia’s Novak: No OPEC+ output proposals in light of Venezuela crisis FX Street 3 years "¢ Fading safe-haven demand continues to weigh on JPY and remained supportive. "¢ The USD bulls digest the post-US CPI uptick and failed to provide fresh impetus. "¢ Traders now look forward to the US economic releases - retails sales and PPI print. The USD/JPY pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band, just above the 111.00 handle, or YTD tops. A combination of supporting factors helped the pair to quickly reverse an early Asian dip to the 110.85 region and regain some… 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.