USD/JPY visits highs near 114.40

By FXStreet The greenback is now gathering further steam vs. the Japanese counterpart, sending USD/JPY to the area of daily highs in the vicinity of 114.40.

USD/JPY stronger on US data, FOMC eyed

The pair has edged further up after US Producer Prices and Building Permits have both surpassed previous estimates for the month of January. On the other hand, Housing Starts missed expectations at 1.099 vs. 1.170M initially forecasted.

While the bid tone is growing bigger around the dollar, market participants will shift their attention to the FOMC minutes, expected later in the NA session and with consensus pointing to a balanced tone from the Committee.

USD/JPY levels to watch

As of writing the pair is advancing 0.25% at 114.24 and a surpass of 115.28 (high Feb.10) would expose 117.11 (20-day sma) and then 118.58 (55-day sma). On the downside, the next support aligns at 110.98 (low Feb.11) ahead of 105.88 (200-m sma) and finally 105.18 (monthly low Oct.2014).
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Source:: FX Street