$USD/JPY flirting with 119.00

The greenback keeps the upper bound of the range vs. the Japanese currency before the European open, with $USD/JPY testing the 119.00 neighbourhood.
$USD/JPY boosted by US data.

The pair is still digesting the auspicious results from the US labour market releases last Friday, pushing above the 119.00 handle for the first time since sin mid-January. The better tone from US rates continues to feed the pair’s upbeat momentum vs. a steady stance from the BoJ so far.

In the data front, the key US Labor Market Conditions Index will be the main highlight in an otherwise empty docket across the Atlantic. Next of relevance in Japan will be the Tertiary Industry Index for the month of December.

$USD/JPY key levels

At the moment the pair is advancing 0.11% at 118.98 with the next resistance at 119.27 (daily cloud top) ahead of 119.65 (76.4% of 120.82-115.85) and then 119.97 (high Jan.8). On the flip side, a breakdown of 117.02 (low Feb.5) would open the door to 116.87 (low Feb.3) and finally 116.64 (low Feb.2).