USD/JPY holding on above 111.00

The Japanese yen continues to appreciate vs. its American counterpart on Thursday, dragging USD/JPY to the vicinity of 110.90 area although regaining the 111.00 handle afterwards.

USD/JPY upside limited around 111.70/80

The pair is down for the third straight session so far today, coming down from Tuesday’s tops near 111.80 and reverting a positive start of the week.

Declining crude oil prices have been weighing on the sentiment around the risk-associated universe and lent extra oxygen to the safe haven currency.

In addition, the softer performance around US yields, particularly the 10-year benchmark, is giving extra support to the pair’s decline in the near term.

In the US data space, initial claims and the speech by FOMC’s J.Powell (permanent voter, centrist) are due later in the NA session.

USD/JPY levels to consider

As of writing the pair is losing 0.11% at 111.27 facing the next support at 110.95 (low Jun.22) followed by 110.87 (200-day sma) and then 110.65 (20-day sma). On the other hand, a breakout of 111.60 (50% Fibo of the May-June drop) would open the door to 111.81 (high Jun.21) and finally 111.82 (100-day sma).