USD/JPY holds up above 106.00

USD/JPY has extended its consolidative phase above the 106 mark over the last sessions, with the dollar maintaining a bid tome in the US presidential election aftermath.

USD/JPY reached a 3 ½-month peak of 106.93 on Thursday and despite today’s pullback, the pair is headed for weekly gains. Having spent most of the day within 106 and 106.90, the pair is currently trading at 106.43, 0.36% below its opening price.

Fed’s Vice Chair Stanley Fischer said Friday that the Fed appears reasonably close to achieving both the inflation and employment components of its mandate.  "Accordingly, the case for removing accommodation gradually is quite strong, keeping in mind that the future is uncertain and that monetary policy is not on a preset course."     

USD/JPY technical levels

In terms of technical levels, next resistances could be found 107.00 (psychological level) and 107.48 (Jul 21 high) ahead of 107.89 (Jun 7 high) . On the flip side, supports are seen at 104.95 (Nov 10 low), 104.65 (10-day SMA) and 102.88 (100-day SMA).