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USD/JPY clings to gains near 111.60

  • USD extends the upside for another session.
  • 200-day sma around 111.70 interim hurdle.
  • Yellen, US GDP next on tap.

The greenback stays on a firm note vs. its Japanese counterpart on Wednesday, taking USD/JPY to the critical 111.60.70 band, challenging at the same time 5-days peaks.

USD/JPY attention to Yellen, US data

The pair is up for the second consecutive session so far today, backed by the continuation of the buying interest around the greenback.

Positive headlines from the US political scenario gave extra oxygen to the buck as of late, while the tax reform bill sponsored by the Senate should be put to the vote on Thursday.

Today’s up tick came in response to the moderate rebound in yields of the US 10-year reference, which are now testing the upper end of the weekly range beyond the 2.35% handle.

Ahead in the session, Chair J.Yellen will testify before the Joint Economic Committee of Congress on the US economic outlook. In addition, NY Fed W.Dudley (permanent voter, centrist) and San Francisco Fed J.Williams (2018 voter, centrist) are also scheduled to speak, while the second revision of the US Q3 GDP will be the salient event seconded by October’s pending home sales and the Fed’s Beige Book.

USD/JPY levels to consider

As of writing the pair is gaining 0.11% at 111.60 and a breakout of 111.69 (200-day sma) would open the door to 111.84 (10-day sma) and finally 112.72 (high Nov.21). On the other hand, the next down barrier emereges at 110.83 (low Nov.27) followed by 110.16 (23.6% Fibo of 107.33-114.73) and then 109.55 (low Sep.15).

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