USD/JPY clings to gains above 110.00

USD/JPY is going through a consolidation phase near daily highs in a quiet trading day, with not much in the way of data releases to focus on.

USD/JPY benefitted from the positive market mood and reached a fresh weekly high of 110.27 during the European session. However, the dollar lacked momentum to retest last Friday’s highs at the 110.55/60 zone. At time of writing, the pair is trading at 110.15, up 0.15% on the day.

USD/JPY levels to watch

As for technical levels, next resistances could be faced at 110.57 (May 20 high), 111.03 (Feb 24 low) and 111.87 (Apr 28 high). On the other hand, supports are seen at 109.85 (50-day SMA/May 25 low), 109.10 (May 23 low), 108.63 (21-day SMA) and 108.45 (May 16 low).