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FxWirePro: USD/JPY extends upside for the 3rd straight session, hovers around 106 handle

Wednesday, September 2, 2020 7:02 AM UTC

USD/JPY chart - Trading View

US dollar extends its recovery, USD/JPY gains for the 3rd straight session.

Price action has retraced back above the 106 handle and the pair was trading 0.08% higher at 106.02 at around 06:45 GMT.

Upbeat US ISM Manufacturing PMI supports the dollar. Further, rebound in the US Treasury yields across the curve also aids gains.

Data released on Tuesday showed U.S. ISM manufacturing index rose 1.8 percentage points to 56 in August, surpassing market expectations of 54.5, up from July’s print of 54.2.

Major trend in the pair is bearish. Recovery attempts find stiff resistance at 21-EMA at 106.05.

Price action is extending in a downward slopping channel and a decisive break above 21-EMA could change near-term dynamics.

Major Support - 105.97 (200H MA)

Major Resistance - 106.05 (21-EMA)

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FxWirePro: USD/JPY extends upside for the 3rd straight session, hovers around 106 handle

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