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USD/JPY clinches highs near 120.40

FXStreet (Edinburgh) - The greenback continues to pick up pace on Monday, now lifting USD/JPY to test fresh session peaks around 120.40.

USD/JPY bolstered by Treasuries

Spot remains on track to extend the recovery from last week’s troughs and has managed to regain the 120.00 and beyond so far, while today’s positive performance of the US Treasuries keeps bolstering the greenback.

Absent activity in the Japanese markets until Thursday, the main highlights today will be Existing Home Sales and the speech by Atlanta Fed Dennis Lockhart, following the Fed’s decision to delay its rates lift-off last week.

USD/JPY levels to watch

As of writing the pair is up 0.30% at 120.36 with the next resistance at 120.43 (high Sep.18) followed by 120.99 (high Sep.17) and finally 121.33 (high Sep.10). On the other hand, a breach of 119.04 (low Sep.18) would aim for 118.58 (low Sep.4) and then 118.45 (low Aug.25).

USD: FOMC negativity fading away – MUFG

Lee Hardman, Currency Analyst at MUFG, notes that the initial negative FOMC reaction for the USD has turned out to be short-lived and the greenback has strengthened modestly in the Asian trading session with the dollar index having fully retraced its initial decline following last week’s FOMC meeting.
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