The USD/JPY continues this Friday with the recovery started in the second half of the day on Thursday. The pair has risen close to 30 pips in the early hours of Friday to hit a three-day high at 109.94.
The pair has gained traction in part due to the recovery of the dollar, whose DXY index stretched yesterday to a three-week high at 92.96. The index has lost some ground today, but remains close to the highs around 92.80 / 85. Another factor weighing on the yen is the return of a certain appetite for risk, which weakens Japan’s safe haven currency.
Following upbeat US retail sales data released yesterday, traders await the release of another key data today, the preliminary consumer sentiment index from the University of Michigan for September. An improvement is expected from the 10-year lows it marked last month.
See Michigan Consumer Sentiment Preview: Markets will have to look for positive signs
USD/JPY Niveles
With the pair trading at the time of writing above 109.93, gaining 0.20% daily, the first resistance is erected in the psychological zone of 110.00. Above, the main barrier waits in 110.16, maximum of September 13 and 14. Higher up the goal is in 110.44, ceiling of September 8 and the last five weeks.
In case of turning down, the first support awaits at 109.21, minimum of September 16, and intermediate level on the way to 109.11, ground of September 15, which also limited the falls on August 16. If this level is broken, the falls could extend to 108.72, minimum of August 4 and of the last three and a half months.
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