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USD/JPY: Bulls unstoppable near 120.75, Yellen comments underpin

FXStreet (Mumbai) - The USD bulls tightened their grip and drove the USD/JPY pair to fresh weekly highs near the upper-band of 120 handle, as Yellen’s reiteration of rate-hike to occur later this year, calmed the markets and boosted the bids for risk currencies.

USD/JPY: 121 on sight

Currently, the USD/JPY pair trades 0.53% higher at 120.70, having posted fresh one-week highs at 120.77 in last hours. The major keeps pushing higher as the greenback strengthened further versus the yen after the optimistic speech from Yellen restored confidence across the financial market, thus boosting the demand for risk currencies such as the USD.

Moreover, the sharp rebound in the European stocks also adds to the renewed optimism in the markets, diminishing the bids for safe-haven yen.

Earlier this session, the Japanese inflation figures showed that the economy slipped back into deflation after the National Core CPI turned negative. This sluggish data also contributed to the weakness in the yen versus the US dollar.

Meanwhile, markets moved past the weaker US durable goods orders data and now await the key GDP numbers from the US later tonight for further momentum on the pair.

USD/JPY Technical levels to consider

To the upside, the next resistance is located 121.02 (Sept 17 High) levels and above which it could extend 121.34 (Sept 10 High). To the downside immediate support might be located at 119.71 (Sept 21 Low) below that at 119.38 (Sept 15 Low) levels.

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