USD/JPY has picked up a bid, possibly tracking the rise in the US yields and the S&P 500 future. A break above 106.86 is needed to confirm an inverse head-and-shoulders breakout. USD/JPY is better bid at press time, possibly due to an uptick in the futures on the S&P 500 index and Treasury yields. The pair is currently trading at 106.47, up more than 20 pips from the low of 106.22 seen in the early Asian trading hours. The S&P 500 futures are currently reporting 0.24% gains. The index fell 0.79 percent on Tuesday, snapping a three-day winning streak. Meanwhile, the US 10-year Treasury yield is trading at 1.574%, representing a two basis point gain on the day. Looking forward, the pair may extend gains if the S&P 500 futures remain in the green, weakening demand for the anti-risk JPY. The technical outlook, however, will turn bullish if the pair rises above 106.86, confirming an inverse head-and-shoulders breakout on the 4-hour chart. The breakout, if confirmed, would open the doors for 108.67. The daily chart is reporting a bullish divergence of the relative strength index, so the pair could confirm breakout with a move above 106.86. 4-hour chart Trend: Bullish above 106.86 Pivot points 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 RBA’s Lowe: Escalating US-China trade war is “very worrying” FX Street 4 years USD/JPY has picked up a bid, possibly tracking the rise in the US yields and the S&P 500 future. A break above 106.86 is needed to confirm an inverse head-and-shoulders breakout. USD/JPY is better bid at press time, possibly due to an uptick in the futures on the S&P 500 index and Treasury yields. The pair is currently trading at 106.47, up more than 20 pips from the low of 106.22 seen in the early Asian trading hours. The S&P 500 futures are currently reporting 0.24% gains. The index fell 0.79 percent on Tuesday, snapping a three-day winning streak. Meanwhile,… 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.
