USD/JPY: Bulls unstoppable beyond 120 as risk-on dominates

By FXStreet FXStreet (Mumbai) – The bid tone around the USD/JPY pair keeps growing bigger during the mid-Asian hours, as the persisting risk-sentiment continues to weigh on the safe-haven appeal of the yen while boosting the appetite for the riskier assets such as the US dollar.

USD/JPY supported at 120.07

Currently, the USD/JPY pair trades 0.48% firmer at 120.38, hovering in the close vicinity of the session highs reached at 120.46. The major remains strongly bid as the demand for greenback increases along with the improving risk-on market profile backed by the Asian market rally.

All major Asian indices are rallying, tracking positive close on Wall Street as well as on China’s bourses. The Japan’s benchmark, the Nikkei, is skyrocketing nearly 6% to trade at 18,415 levels, while the closely monitored Shanghai composite index (SSEC) advances 1.76% at 3,226 points.

Later today, the major will be influenced by the risk-off/on sentiments as markets await fresh cues from the US calendar with only the JOLTS Job openings on the cards.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 120.70 (Sept 3 High) levels and above which it could extend 121 (Psychological Levels). To the downside immediate support might be located at …read more

Source:: FX Street