USD/JPY eases from highs, still bid above 114.00

The Japanese currency keeps depreciating vs. its American peer at the end of the week, boosting USD/JPY well above the 114.00 handle.

USD/JPY focus on US data

The pair is advancing for the second consecutive session so far today, climbing as high as the 114.60 area although losing some momentum afterwards.

USD retains the buying bias at the end of the week, particularly after the ECB delivered a dovish guidance at yesterday’s meeting, prompting spot to regain the 114.00 handle and trade at shouting distance from the resistance band around 114.80.

Later in the NA session, the preliminary Reuters/Michigan Index is expected to come in at94.5 for the current month, up a tad from November’s 93.8.

USD/JPY levels to consider

As of writing the pair is advancing 0.57% at 114.67 facing the next resistance at 114.83 (high Dec.1) ahead of 114.89 (high Feb.14) and finally 116.86 (). On the other hand, a breach of 113.06 (61.8% Fibo of the 2016 drop) would aim for 112.84 (low Dec.5) and then 112.27 (20-day sma).