The dollar climbed on Wednesday as firmer services and private labor market data suggested the underlying U.S. economy remained on solid footing. After being stuck in a sequence of lower highs over the past four years, traders are watching to see if USD/JPY can break higher.
Is change in the offing? But perhaps things are about to change. Over the past few weeks the price has stabilised above ¥108.00, and seems poised to challenge trendline resistance once again. A rally above ¥110.00, the peak from January, would mark a long-term bullish development, and suggest that, in the near-term at least, a rally to ¥114.00 and the resistance zone from 2017-2018 was now in play.
Talking about the GBP/USD has been trapped between encouraging UK data and mounting no-deal concerns. Dollar’s strength weighed more at the end of the day, with the pair settling below 1.3000.