USD / JPY bounces above 108.00 on renewed USD strength

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  • USD / JPY continues to struggle to make a decisive move.
  • The US dollar index rises above 91.30 in the American session.
  • Initial US jobless claims fell to 547,000 last week.

The pair USD/JPY It fell to a daily low of 107.82 during European trading hours, but managed to erase its losses in the second half of the day. At time of writing, the pair was unchanged on the day at 108.05.

Despite the latest fluctuations, USD / JPY is struggling to make a decisive move in either direction and remains on track to close the third consecutive trading day practically flat at around 108.00.

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DXY goes up in the American session

Hours earlier, the dollar faced modest downward pressure, as the rise in European stock indices did not allow safe haven assets to find demand. However, with the major Wall Street indices opening into negative territory, the US Dollar Index (DXY) turned north and helped the USD / JPY rally.

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Weekly data released by the US Department of Labor revealed that initial jobless claims fell to 547,000, compared with an analyst estimate of 617,000. Additionally, the Federal Reserve Bank of Chicago’s national activity index improved to 1.71 in March from -1.2 in February.

Meanwhile, the benchmark 10-year US Treasury yield posted small gains of 1.561%, providing additional support to the USD.

On Friday, data from Japan’s National Consumer Price Index (CPI) will be analyzed for fresh momentum. New home sales and Markit’s manufacturing PMI will be on the US economic agenda.

Technical levels

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