USD/JPY climbs to multi-day tops around 108.25 region

USD/JPY gains traction for the second straight session amid some follow-through USD strength.
The risk-off mood, a fresh leg down in the US bond yields might keep a lid on any runaway rally.
Investors are likely to wait for the release of the US jobs report for a fresh directional impetus.

Haresh Menghani FXStreet

The USD buying interest picked up pace in the last hour and lifted the USD/JPY pair to three-day tops, around the 108.25 region, closer to 200-day SMA.

The pair added to the previous session's modest recovery gains from weekly lows and gained some follow-through traction for the second consecutive session on Friday amid the prevailing strong bullish sentiment surrounding the US dollar.

Despite an unprecedented rise in the US initial weekly jobless claims, the greenback continued benefitting from its status as the global reserve currency in the wake of concerns over the worsening economic fallout from the coronavirus pandemic.

Meanwhile, a weaker tone around the equity markets extended some support to the Japanese yen's safe-haven demand. This coupled with a fresh leg down in the US Treasury bond yields should keep a lid on any further gains, at least for now.

Moreover, investors are likely to refrain from placing any aggressive bullish bets, rather prefer to wait on the sidelines ahead of Friday's important release of the closely watched US monthly jobs report – popularly known as NFP.

Technical levels to watch

USD/JPY

Overview
Today last price	108.23
Today Daily Change	0.35
Today Daily Change %	0.32
Today daily open	107.88

Trends
Daily SMA20	107.78
Daily SMA50	108.78
Daily SMA100	108.98
Daily SMA200	108.33

Levels
Previous Daily High	108.1
Previous Daily Low	107.02
Previous Weekly High	111.72
Previous Weekly Low	107.76
Previous Monthly High	111.72
Previous Monthly Low	101.18
Daily Fibonacci 38.2%	107.68
Daily Fibonacci 61.8%	107.43
Daily Pivot Point S1	107.23
Daily Pivot Point S2	106.58
Daily Pivot Point S3	106.15
Daily Pivot Point R1	108.31
Daily Pivot Point R2	108.74
Daily Pivot Point R3	109.39

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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