- The dollar accelerates above 111.65 and reaches levels above 112.00.
- The USD has appreciated around 2.50% over the past six days.
- Above 112.23 / 50, USD / JPY could hit 114.55 – Commerzbank.
The U.S. dollar accelerated its uptrend against the yen japonés during the US session on Wednesday, breaking resistance at the 111.65 zone to reach levels above 112.00 for the first time in the last 19 months.
The USD appreciates for the sixth consecutive day
USD / JPY has been recovering steadily for the past six days, to appreciate around 2.5% so far. Slightly lower US yields and improved risk appetite observed on Wednesday, with major US and European indices posting a solid rally, have been unable to prevent the USD from hitting multi-month highs against its major peers.
In the absence of top-tier macroeconomic releases, the US dollar index has continued to move higher, unchallenged by the dispute over the debt limit in the United States Congress, and has reached year-to-date highs beyond from 94.00.
USD / JPY: Above 112.23 / 50, the pair could reach 114.55
Karen Jones, Commerzbank’s senior currency analyst, sees the dollar with potential to rise higher: “The USD / JPY may need a couple of tries to clear the 112.23 / 50 resistance zone, but up here it will introduce a range to 114.55. October 2018 elevated. “
Technical levels
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