USD/JPY touches a high of 112.18
USD/JPY is now looking to hold above 112.00 and break back above the broken trendline support as US equity futures jump on the session. European stocks were trading higher already and that’s helped to lift sentiment in the equities space:
E-minis are up by 0.3% currently and that’s helping to change the mood across yen pairs on the day. EUR/JPY is also near the highs despite the euro’s sluggishness following the reports on German chancellor Merkel. The pair now sits at 127.65 and GBP/JPY is also higher on the day at 143.80 currently.
For USD/JPY, buyers still have much work to do and the first step is to break above the 100-hour MA which currently sits at 112.22. Other resistance levels also lurk nearby and will help to limit upside for the time being but it’s all about equities sentiment right now for yen pairs so pay attention to that ahead of US trading.