USDJPY price has managed to rebound around 35-pips from Asian session lows and is currently placed at the top end of its daily trading range, around the 111.20-25 region.
March 11, GKFX – Bulls once again showed some resilience below the 111.00 handle, with a combination of supporting factors helping the pair to regain some positive traction and reverse an early dip back closer to over one-week lows – touched in the aftermath of disappointing headline NFP print.
With investors looking past Friday’s mixed US monthly employment details, a pickup in the US Treasury bond yields provided a minor lift to the US Dollar and turned out to be one of the key factors behind USDJPY price rebound from an intraday low level of 110.88.
This coupled with a slight improvement in investors’ appetite for riskier assets, as depicted by a mildly positive mood around equity markets, further dented the Japanese Yen’s relative safe-haven status and remained supportive of the pair’s goodish intraday bounce.
It, however, remains to be seen if the pair is able to capitalize on the positive move or meets with some fresh supply at higher levels as the focus now shifts to the US economic docket, highlighting the release of monthly retail sales data, for some fresh impetus.
In the meantime, the broader market risk sentiment and the USD price dynamics might continue to play a key role in determining the pair’s intraday momentum on the first trading day of a new week.
USDJPY price technical analysis
Any subsequent up-move is likely to confront fresh supply near the 111.40 region (200-DMA), above which the pair is likely to make a fresh attempt towards conquering the 112.00 round figure mark.
On the flip side, the 110.80-75 region might continue to protect the immediate downside, which if broken might turn the pair vulnerable to accelerate the fall further towards 110.35 intermediate support en-route the key 110.00 psychological mark.
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