FxWirePro: GBP/NZD downside pressure is building, chances of a bigger collapse to key fibo support grows
FxWirePro: USD/JPY test 15-month highs above 111 handle, outlook bullish
USD/JPY chart - Trading View
USD/JPY was trading 0.05% higher on the day at 111.00 at around 04:10 GMT, outlook bullish.
The pair hit 15-month highs at 111.11 before paring some gains, further upside on cards.
The Japanese Yen suffers from downbeat economic data. The Jibun Manufacturing PMI fell to 51.5 in June from 53.0 in the previous month.
On the other side, the demand for the greenback remains intact amid risk-off mood as concerns over Delta covid variant dents risk appetite.
US Dollar Index (DXY) holds marginal gains, tracks the treasury yields and stands strong at 91.83.
Mixed comments from Fed’s official on inflation and interest rates outlook affects the greenback movement.
Technical bias remains bullish and supports upside in the pair. Price action has broken major trendline resistance at 110.75. Next bull target lies at 76.4% Fib at 111.39.
Focus now on US Durable Goods Orders, Gross Domestic Product (GDP), and Initial Jobless Claim data for impetus.