USD/JPY: Poised to break above the 107.00 level

The USD/JPY consolidates its latest gains, trading near this year high at 106.95 and poised to break higher as better market mood provides support, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Japan published the February Jibun Bank Services PMI, which improved to 46.3 from 46.1. After the US opening, Markit will release the final reading of the US Services PMI, foreseen at 58.9, while the country will publish the official ISM index, expected at 58.7.”

“The USD/JPY pair retains its bullish stance in the near-term and seems poised to extend gains above the 107.00 figure.”