USD/JPY flirting with multi-week tops around 111.30
- The greenback advances to the 111.30/40 band vs. the Japanese currency.
- US 10-year yields recede a tad from tops in the 2.87% area.
- US JOLTs Job Openings came in above estimates at 6.638M.
The better tone in the risk-associated space keeps weighing on the Japanese safe haven and is propelling USD/JPY to fresh tops above 111.00 the figure.
USD/JPY in multi-week peaks, eyes on 111.40
The pair has started the week on a positive footing and is now trading in levels last seen in mid-May in the 111.30/40 band, always propped up by the persistent upbeat sentiment in the riskier assets.
In addition, the rebound in yields of the key US 10-year note is also collaborating with the upside. In fact, yields are hovering over weekly tops in the 2.87% neighbourhood, some 7 bps higher than last week’s lows in the 2.80% area.
In the data space, US JOLTs Job Openings surprised to the upside at 6.638 million in May, whereas the next relevant publication in the Japanese calendar will be tomorrow’s Tertiary Industry Activity Index.
USD/JPY levels to consider
As of writing the pair is gaining 0.42% at 111.28 and a break above 111.35 (high Jul.10) would open the door to 111.41 (high May 21) and finally 111.50 (high Jan.18). On the downside, immediate contention emerges at 110.66 (10-day sma) seconded by 110.28 (low Jul.5) and then 110.14 (200-day sma).