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USD/JPY retreats from highs, near 120.10

FXStreet (Edinburgh) - After climbing as high as the 120.35/40 band in early trade, USD/JPY has now surrendered part of those gains and is now back to the 120.10 area.

USD/JPY supported at 120.00

The pair has staged a knee-jerk to the vicinity of the 120.00 handle earlier, although the bearish attempt has proven to be ephemeral so far. Positive results from the US ADP figures for the current month (200K) have failed to sustain another bull run towards session tops, with today’s solid performance of US Treasuries and month-end flows remaining as the almost exclusive drivers of spot.

Next on tap will be the Chicago PMI followed by J.Yellen’s speech. On the Japanese side, the critical Tankan survey is due early on Thursday.

USD/JPY levels to watch

As of writing the pair is advancing 0.29% at 120.08 facing the next hurdle at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and finally 121.335 (high Sep.10). On the other hand, a breakdown of 119.24 (low Sep.29) would aim for 118.87 (low Sep.8) and then 118.58 (low Sep.4).

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