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USD/JPY reclaiming the 107 handle

FXStreet (Barcelona) - USD/JPY is trading at 107.00, up 0.16% on the day, having posted a daily high at 107.07 and low at 106.74.

USD/JPY has found support on the 106.80 price zone and reclaimed the 107 handle moving away from the four week lows. Meanwhile, last months trend for and a high demand for US dollars and T bills continues in October for now. Consequently, as explained by Shuichi Ohsaki and Shusuke Yamada at Bank of America Merrill Lynch, although yields in Japan remain low, they have become relatively attractive on a foreign currency basis. “There is also a possibility of downward pressure on JPY rates from an inflow of funds from overseas, and we expect rates at the front end of the curve to remain low for the time being”.

USD/JPY noteworthy levels

Spot is presently trading at 107.00, and next resistance can be seen at 107.13 (Monthly Low), 107.25 (Hourly 20 EMA),107.26 (Daily Classic S2), 107.46 (Daily Classic S1) 107.60 and 108.10. Next support to the downside can be found at 106.90 (Daily Classic S3), 106.83 (Weekly Classic S1), 106.74 and 106.40.

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