USD/JPY printing fresh 6-week tops beyond 115 amid risk-on

The offered tone behind the yen keeps picking-up pace in the Asian hours, now pushing the USD/JPY pair to fresh six-week tops of 115.30.

The ongoing weakness in the yen against its American counterpart is mainly driven by the risk-on sentiment amid higher Asian indices and treasury yields, as markets believe that the US payrolls data would paint a better picture of the US labor markets, prompting the Fed to hike rates as early as next week.

The benchmark 10-year treasury yields rose to a 12-week high of 2.624% in the Asian morning this Friday, while the Nikkei 225 index rallies +1.40% to 19,580 points. Looking ahead, all eyes remain on the US payrolls data, with markets expecting around 200k job additions in the US economy last month.

USD/JPY Technical levels to watch             

The major finds immediate resistance at 115.49/50 (classic R2/ psychological levels). A break above the last, the major could test 115.62 (Jan 19 high) and 115.95/116 (classic R3/ zero figure) beyond the last. While to the downside, the immediate support is seen at 114.26/19 (100-DMA/ 10-DMA) next at 113.58/50 (50 & 10-DMA) and below that at 113.06/113 (Feb 16 low/ zero figure).