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USD/JPY at fresh highs amid risk-on rally in equities

FXStreet (Mumbai) - The risk-on rally in the European equities reduced the demand for the Yen and other traditional safe haven assets, thereby ensuring the USD/JPY pair extended gains to print a fresh session high of 120.22 levels.

Trades above hourly 200-MA

The spot sits comfortably above its hourly 200-MA located at 120.07 levels. The risk-on seen in Europe pushed the Yen lower across the board and pushed the treasury yields higher. The pan-European Euro Stoxx 600 index strengthened more than 1%.

Ahead in the day, the focus is likely to be on the US ADP employment report, which could show the private sector in the US added 190K jobs in September. Apart from that, the sentiment on the Wall Street could influence the pair as well.

USD/JPY Technical Levels

The immediate resistance is seen at 120.60 (Monday’s high), above which the pair could target 120.88 (200-DMA). On the other side, support is seen at 119.68 (daily low) and 119.00 levels.

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