USD / JPY rises to new weekly highs above 103.60

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  • USD / JPY is rising for the second day in a row on Thursday.
  • The US dollar index registers a strong rebound towards 90.00.
  • Ahead, US data for unemployment benefit requests and the ISM for services.

USD / JPY snapped a three-day losing streak and closed in positive territory on Wednesday. With the dollar gaining strength, the pair extended the rebound on Thursday and just hit 103.74, the highest level since December 29. It is up 0.62% on the day, one of the steepest gains in weeks.

DXY extends the bounce

With the results of the runoff in Georgia pointing to a Democratic majority in the US Senate, US Treasury bond yields rose on Wednesday and gave USD / JPY a boost. The yield on the 10-year bond rose 8.4% and surpassed the critical level of 1% for the first time in almost 10 months. Thursday remains firm above that threshold.

The US stocks remain near record highs, even despite economic data on Wednesday, which was below expectations, and protests in Washington.

The dollar for its part is pushing USD / JPY on Thursday. The DXY climbs 0.35% and operates on 89.75. The greenback is advancing on all fronts, including against emerging market currencies and those linked to commodities.

US economic data including initial jobless claims from the Department of Labor and the ISM Services PMI will be released Thursday. The Fed minutes did not generate any surprises on Wednesday. On Friday it will be the turn of the official employment report that includes non-farm payrolls and the unemployment rate.

Technical levels

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