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Title: USD/JPY looks to build on momentum beyond 110.00 marks amid renewed USD buying

Jul 15, 2021 11:41:00 AM GMT

By: AnalysisWatch

The USD/JPY pair shot to clean each day tops heading into the North American session, with bulls now seeking to construct at the momentum past the 110.00 mental mark.

An unexpected pickup in the US greenback call for assisted the USD/JPY pair to draw a few dip-shopping for close to the 109.70 region, or weekly lows touched in advance this Thursday. Despite Fed Chair Jerome Powell's dovish testimony, buyers appear satisfied that America valuable financial institution will tighten its coverage earlier than anticipated. This, in turn, becomes visible as a key issue that acted as a tailwind for the greenback.

That said, an aggregate of things may preserve a lid on any runaway rally for the USD/JPY pair. The ongoing decline in the US Treasury bond yields may preserve the USD bulls from putting competitive bets. Moreover, concerns approximately unfold of the fairly contagious Delta version of the coronavirus ought to underpin the safe-haven Japanese yen and similarly collaborate to cap profits for the USD/JPY pair.

Market individuals now stay up for America financial docket, providing the releases of the standard Initial Weekly Jobless Claims and Philly Fed Manufacturing Index. This, in conjunction with America bond yields and Powell's 2d day of testimony, will have an impact on the USD. Traders may similarly take cues from the wider marketplace chance sentiment to seize a few short-time period possibilities across the USD/JPY pair.

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