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USD/JPY hits fresh multi-year highs above 114.00

FXStreet (Córdoba) - USD/JPY continued to rise and reached levels above 114.00 for the first time since December 2007. The pair printed a fresh high at 114.17 and holds a bullish tone.

The pair climbed to 114.05 after the release of US economic data and then pulled back. The retreated from the highs found support at 113.65 and currently trades around daily highs, almost 200 pips above Friday’s closing price.

USD/JPY holds to gains after data

The ISM index rose to 59 in October, above expectations while construction spending declined 0.4% in September. More economic information from the US will be released during the week, including NFP.

“Over the next few days, we look for similar, though perhaps not so pronounced strength from the non-mfg ISM and ADP surveys of employment. With the Fed seeming to take a more hawkish stance with their latest statement, this could encourage thoughts of earlier Fed tightening than currently priced, pushing up bond yields, particularly at the front end of the yield curve, and providing the USD with further support”, mentioned Rob Carnell from ING.

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