USD/JPY rises to 109.00 as USD gathers strength on Fed commentary

USD/JPY continues to edge higher within the American session.
US Dollar Index remains on target to shut above 90.00.
Several Fed policymakers voice concerns over rising inflation.
The USD/JPY pair gained traction during the American trading hours and rose to a fresh daily high of 109.00. As of writing, the pair was up 0.2% on a day to day at 108.97.

DXY rises above 90.00
The renewed USD strength on the rear of the newest Fed commentary seems to be helping USD/JPY push higher before the weekend.

Philadelphia Fed President Patrick Harker said on Friday that ought to start having a conversation about tapering sooner instead of later. Additionally, “if we see good progress and therefore the economy can stand on its own, I’d be in favour of going to a more normalized policy,” Atlanta Federal Reserve System President Raphael Bostic noted.

Bostic also said that he’s worried about inflation getting entrenched. Similarly, Dallas Federal Reserve System Bank President Robert Kaplan reiterated that they’re seeing tons of uncertainty about inflation.

Following these remarks, the US Dollar Index (DXY) is up 0.42% on the day at 90.12. Earlier within the day, the info from the US showed that the economic activity within the private sector continued to expand at a strong pace with the IHS Markit’s Services and Manufacturing PMIs notching new series highs in May. The PMI report also highlighted increasing price pressure and helped the greenback outperform its rivals.

Technical levels to observe for
USD/JPY
OVERVIEW
Today last price 108.99
Today Daily Change 0.23
Today Daily Change % 0.21
Today daily open 108.76

TRENDS
Daily SMA20 108.95
Daily SMA50 109.12
Daily SMA100 107.12
Daily SMA200 106.01

LEVELS
Previous Daily High 109.31
Previous Daily Low 108.75
Previous Weekly High 109.78
Previous Weekly Low 108.35
Previous Monthly High 110.85
Previous Monthly Low 107.48
Daily Fibonacci 38.2% 108.96
Daily Fibonacci 61.8% 109.1
Daily Pivot Point S1 108.57
Daily Pivot Point S2 108.38
Daily Pivot Point S3 108.01
Daily Pivot Point R1 109.13
Daily Pivot Point R2 109.5
Daily Pivot Point R3 109.69

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