Fundamental analysis of USDJPY for June 12, 2017
June 12, 2017 10:04 amVideo
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The USD/JPY pair has been under bearish pressure but recently the price has bounced from 109. Currently it is expected to remain bullish in the coming days. JPY has been quite strong against USD before last week’s negative economic reports like Japan’s GDP report. It was expected to be at 0.6% but published with a worse figure at 0.3%. Today Japan presented some more downbeat news. The report on Core Machinery Orders came in at -3.1% which was expected to be at 0.6%. At the same time, the PPI was unchanged at 2.1% which was expected to rise to 2.2%. In the United States the 10-y Bond Auction will be held. Previously it was at 2.40|2.3. This news will cast minimal impact and is not expected to create volatility in the market. Tomorrow we have USD PPI report which is expected to show a decrease to 0.0% from 0.5%. This event is quite important and expected to bring in good volatility in the market as it is one of the leading indicator of consumer inflation and development of the economy. To sum up, currently USD is expected to gain over JPY in the coming days on the back of the upcoming high impact events in the United States.
Now let us look at the technical view. The price has recently bounced off the 109.00 support area and is currently residing above 20 EMA dynamic support. Further bullish move with a target towards the resistance area of 111.60-112.20 is expected. If the price manages to break above 112.20 with a daily close, we will be looking forward for further rally in this pair with a target towards 114.00 resistance area. If the price rejects the bulls off the resistance area of 111.60-112.20, then we will be looking forward to sell with a target towards 108.50 support level.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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