USD/JPY clinches highs near 110.30

The greenback is now picking up pace vs. its Japanese counterpart, sending USD/JPY to fresh daily tops near 110.30.

USD/JPY firmer ahead of G7

Spot is testing the upper end of the recent range around 110.60 following a better tone in the US dollar as speculations on a potential rate hike by the Fed in June keep gathering traction.

In addition, BoJ Governor H.Kuroda has reiterated the readiness of the central bank to implement further stimulus if needed, although the timing of such event still remains uncertain. The news added extra selling pressure to the safe haven JPY, collaborating in turn with today’s upside.

USD/JPY levels to watch

As of writing the pair is up 0.32% at 110.31 facing the immediate resistance at 111.92 (high Apr.28) followed by 112.97 (100-day sma) and finally 114.58 (monthly high Mar.4). On the flip side, a breach of 108.75 (20-day sma) would aim for 105.52 (2016 low May 3) and then 105.18 (monthly low Oct.2014).