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Yen bashing continues

FXStreet (Mumbai) - The USD/JPY pair is trading above the previous cycle high of 116.12 ahead of the key data releases in the Europe and US.

The pair traded 0.48% higher at 116.33 at the time of writing, compared to the previous day’s close of 115.75. The Yen slid further as lack of reversal signals, despite facing rejection at 116.00 levels since the start of the week opened doors for further losses. Moreover, the losses witnessed today are despite the weakness in the US ten-year treasury yields, which declined to 2.34%.

USD/JPY Technical Levels

The pair has an immediate resistance at 117.39, above which gains could be extended to 117.95 levels. Meanwhile, support is seen at 115.75 and 115.21 levels.

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USD/JPY prepares for a further leg upwards – FXStreet

FXStreet Editor and Analyst Omkar Godbole sees the USD/JPY pair moving to 117.00 levels if it sustains above the 116.12 levels.
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