USD/JPY off highs, still above 115.00 ahead of US data

The greenback keeps its march north unabated at the end of the week, now lifting USD/JPY to test fresh peaks above the 115.00 handle.

USD/JPY stronger post-CPI, looks to US releases

Higher-than-expected consumer prices in the Japanese economy for the current month have not dented the bearish note surrounding the safe haven JPY, helping the pair to advance to fresh tops above 115.00 the figure in early trade.

Adding to the upside, the renewed bid tone around the buck seems to have found new grip after the Dollar Index probed lows in the sub-100.00 region in recent sessions, prompting dip-buyers to step in and at the same time hinting at the fact that maybe a low is in place.

Spot in the meantime remains well underpinned by US yields, with the 10-year benchmark recently advanced to multi-day tops above 2.55% although easing some ground afterwards.

Data wise today in the US, Durable Goods Orders, advanced Q4 GDP figures and the final print of the Consumer Sentiment for the current month are all expected to keep the interest around USD.

USD/JPY levels to consider

As of writing the pair is gaining 0.53% at 115.16 and a break above 115.62 (high Jan.19) would open the door to 116.86 (high Jan.11) and finally 118.61 (2017 high Jan.3). On the flip side, the next support is located at 114.54 (23.6% Fibo of the November-December 2015 up move) ahead of 114.40 (low Jan.27) and then 112.49 (low Jan.24).