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USD/JPY clings to daily gains, near 120.00

FXStreet (Edinburgh) - The greenback is posting moderate gains vs. its Japanese counterpart on Thursday, with USD/JPY hovering over the 120.00 mark.

USD/JPY eyes on US calendar

The pair is correcting lower from overnight tops in the 120.30 band, following the now softer tone around the greenback, which has reverted the initial positive start. The demand for the safe haven JPY has receded in early trade in response to the auspicious results from the Chinese manufacturing PMI, re-igniting the sentiment towards the risk-associated assets.

In the data space, ISM Manufacturing and the usual weekly report on the labour market will be the main highlights in the US economy, followed by the speech by FOMC member Williams.

USD/JPY levels to watch

As of writing the pair is advancing 0.15% at 120.07 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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