USD/JPY up 0.27% on the day — Market Value Snapshot

Currently, USD/JPY is trading at 107.06, up 0.27% on the day, having posted a daily high at 107.17 and a low at 106.71.

The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. Meanwhile, daily RSI is in neutral territory at 52.49.

On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 106.57, up from the previous hour close at 106.11. On average, the exponential closing price for the past 20 days is 106.32, with the trend indicating a rangebound movement ahead.

What price levels have to be considered?

Current price is 107.06, with resistance ahead at 107.09 (Daily Classic R1), 107.17 (Daily High), 107.33 (Weekly Classic R1), 107.41 (Daily Classic R2) and 107.96 (Daily Classic R3).

Next support to the downside can be found at 106.86 (Yesterday's High), 106.85 (Monthly High), 106.85 (Hourly 20 EMA), 106.78 (Daily Open) and 106.78 (Weekly High).

Important to follow: US Dollar focused on data, US-China

As stated in previous stories, alleviating concerns over a potential US-China trade war is now bolstering the demand for the buck and thus pushing the index further north of the recently broken 90.00 milestone.

The up move comes amidst a pick up in the risk-on sentiment, which is also fuelling the sharp rebound in USD/JPY, as outflows from the safe haven currency keep accelerating. In addition, yields of the key US 10-year benchmark are prolonging the bounce off recent lows and are challenging peaks in the boundaries of the 2.82% mark.

Data wise today, the usual weekly report on the US labor market is due seconded by Trade Balance figures for the month of February and the speech by Atlanta Fed R.Bostic (voter, centrist).