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USD/JPY rebounds to 105.90

FXStreet (Edinburgh) - Auspicious results from the US docket are allowing a rebound in USD/JPY to the 105.85/90 band on Thursday.

USD/JPY consolidates near 105.80

The pair is attempting a consolidation pattern around 105.60 and 105.80, correcting lower from overnight peaks around 106.30. Data wise in the US economy, Industrial Production surprised markets to the upside, expanding at a monthly pace of 1.0% and Capacity Utilization climbed to 79.3%. Spot however seems to ignore the better-than-expected releases, keeping the range around 105.80. “Technicals warn of downside risk, with most signals in bearish territory. The next level of support is yesterday’s low of 105.23, followed by 104.76”, noted Camilla Sutton, Chief FX Strategist at Scotiabank.

USD/JPY levels to watch

The pair is now down 0.02% at 105.92 and a break below 105.20 (low Oct.15) would expose 105.00 (psychological level) and then 104.87 (low Sep.8). On the upside, the next resistance aligns at 107.29 (high Oct.15) followed by 107.32 (high Oct.14).

Spanish bond yields rise while the US treasury yields await Industrial production data

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