USD/JPY challenging session tops near 107.60
- The Japanese Yen remains on the defensive so far this week.
- The pair flirts with fresh 7-week tops near 107.70.
- US JOLTs Job Openings, flash Consumer Sentiment next on tap.
The Japanese currency is extending its leg lower for yet another week vs. its American peer and is now helping USD/JPY to move higher to the 107.60/70 band.
USD/JPY up on risk-on trade, looks to data
The Japanese safe haven stays on the defensive for the third consecutive week so far, encouraging spot to extend the rebound from multi-month lows in the mid-104.00s seen in late March.
In fact, outflows from JPY have been accelerated as of late in response to alleviated geopolitical jitters stemming from the US-Russia-Syria front, while concerns over the US-China trade conflict could see some light at the end of the tunnel, all collaborating with the pair’s upside.
In the US data space, JOLTs Job Openings for the month of February is next on tap seconded by the preliminary reading of the US Consumer Sentiment.
The buck will also be in centre stage in light of speeches by Boston Fed E.Rosengren (2019 voter, centrist), St. Louis Fed J.Bullard (2019 voter, dovish) and Dallas Fed R.Kaplan (non-voter, hawkish).
USD/JPY levels to consider
As of writing the pair is gaining 0.33% at 107.66 facing the next up barrier at 107.92 (high Feb.21) followed by 109.32 (100-day sma) and then 110.48 (high Feb.2). On the other hand, a breakdown of 106.93 (10-day sma) would aim for 106.61 (low Apr.10) and finally 106.40 (21-day sma).