USD / JPY rises Tuesday but moves away from highs with Powell’s opening words remaining above 105.00

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  • Dollar with mixed results Tuesday, eye on Powell.
  • Rise in yields supports the greenback.

USD / JPY is rising on Tuesday, cutting some of Monday’s losses. After bottoming out in the Asian session at 104.91, the lowest level in a week, the pair climbed to 105.42. With Powell’s first words in Congress, he fell back to 105.15.

The dollar on Tuesday shows mixed results, managing to appreciate in the last minutes before a fall in stock prices and a rise in the yields of Treasury bonds. The 10-year rate climbed to 1.38%, also generating a decline in the price of gold and silver.

US data showed better-than-expected numbers for both the non-manufacturing Philly Fed and home prices, but these did not impact the market.

The yen falls against the dollar and in the rest of the market it shows without significant variations, in a market without clear directions.

From a technical point of view, USD / JPY remains mostly bearish. The first resistance appears at the 20 and 55 SMA on the four-hour chart at 105.45. The next barrier emerges around 105.80 and a confirmation above it will move to favor the dollar. To the downside, supports are seen at 104.90 and 104.40.

Technical levels

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