USD/JPY jumps towards 117.50 as USD picks-up pace

A fresh spurt of buying interest seen behind the greenback pushes the USD/JPY pair to fresh daily tops near the mid-point of 117 handle, having bounced-off a brief dip below 117 handle a day before.

USD/JPY extends beyond 117 handle

The dollar-yen pair is on a roll higher in the Asian session this Tuesday, having found renewed bids just ahead of the daily pivot located at 117.15, which triggered an almost 20-pips rally post-Tokyo open.

A better risk sentiment prevalent in the markets as investors return to trades with renewed optimism in the post-Christmas Day celebrations sent the risk assets such as equities, treasury yields higher, in turn diminishing the safe-haven bids for the yen.

From a wider perspective, the greenback remains firmer against its main peers in wake of a Trump win and Fed’s hawkishness. The USD/JPY pair is last seen exchanging hands at 117.40, hovering near daily tops of 117.46, up +0.27% on the day.

USD/JPY Technical levels to watch 

The major finds immediate resistance at 117.67 (Dec 23 high). A break above the last, the major could test 118.43 (Dec 16 high) and 118.67 (10-month highs) beyond the last. While to the downside, the immediate support is seen at 117.15 (daily pivot) next at 116.72 (daily S2) and below that at 116.35 (20-DMA).