USD/JPY Fundamental Analysis April 17, 2017
April 17, 2017 2:57 pmVideo
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USD/JPY has been in a non-volatile bearish trend since the bounce off the resistance of 111.60. Today, BOJ Governor Kuroda spoke about further monetary policy and the interest rate which did not go in favor of JPY. On the whole, USD gained strength over JPY today. On the USD front, Empire State Manufacturing Index published with a much lower figure of 5.2 which was expected to be at 15.2. The negative news did helped JPY to gain some ground but without any proper economic reports from Japan with positive figures JPY is unlikely to keep strength in the short term. Tomorrow, the US will present a Building Permits report which is expected to show an increase to 1.25M which previously was at 1.22M. A positive figure in this news can help USD to advance further against JPY in the coming days. As of the current situation, the JPY bearish trend is set to recover after USD regains some strength.
Now let us look at the pair from the technical view. The price has been in an impulsive bearish non-volatile trend since the break below 110.10. Currently, the price is expected to retrace towards the resistance area of 110.10-75. If we see any bullish rejection off the area, we will consider short positions with a downward target towards 105.50 support level. As of the Mean Reversion, the price is way below the dynamic resistance of 20 EMA, so there is a higher chance of price retracing upward before continuing its downward trend towards 105.50.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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