USD/JPY retesting sellers post-US data
April 27, 2023 4:22 pmVideo
Latest News
- Forecast for EUR/USD on April 12, 2024 April 12, 2024
- Forecast for GBP/USD on April 12, 2024 April 12, 2024
- Forecast for AUD/USD on April 12, 2024 April 12, 2024
- Outlook for GBP/USD on April 12. The pound once again failed to leave the same range April 12, 2024
- Outlook for EUR/USD on April 12. New ECB meeting April 12, 2024
- The market is disappointed and softening expectations for the FOMC rate April 12, 2024
- Christine Lagarde: inflation is easing April 12, 2024
- ECB threw a lifeline to the euro April 11, 2024
- Technical Analysis – ETHUSD finds support at 50-day SMA April 11, 2024
- Trading Signals for GOLD (XAU/USD) for April 11-15, 2024: buy above $2,345 (6/8 Murray – symmetrical triangle) April 11, 2024
- EUR/USD: trading scenarios on April 11, 2024 April 11, 2024
- Analysis and trading tips for USD/JPY on April 11 (US session) April 11, 2024
- Analysis and trading tips for GBP/USD on April 11 (US session) April 11, 2024
- Analysis and trading tips for EUR/USD on April 11 (US session) April 11, 2024
- Technical Analysis – USDCAD surges to new almost 5-month high April 11, 2024
- Technical Analysis – EURGBP’s double bottom still waits for confirmation April 11, 2024
- Technical Analysis – US 30 index slides below 50-day SMA April 11, 2024
- Video market update for April 11, 2024 April 11, 2024
- EUR/USD. April 11th. Fed minutes: inflation concerns persist April 11, 2024
- GBP/USD. April 11th. The US inflation report shocked the bulls April 11, 2024
The USD/JPY pair rallied in the short term reaching 134.10. Still, the upwards movement could be only temporary. The rate could test and retest the near-term resistance levels before turning to the downside again. It’s located at 134.03 and it seems determined to pressure the immediate upside obstacles.
Surprisingly or not, the USD rallied in the short term even if the US Advance GDP reported only a 1.1% growth versus the 2.0% growth estimated and versus 2.6% growth in the previous reporting period. Still, the US reported mixed data as the Unemployment Claims and the Advance GDP Price Index came in better than expected.
Tomorrow, the BOJ Outlook Report, Monetary Policy Statement, and BOJ Press Conference should really shake the price. Furthermore, the US Employment Cost Index and Core PCE Price Index could bring more action.
USD/JPY Rebound!
Technically, the USD/JPY pair rallied after failing to stay below the weekly S1 (133.38). The false breakdown with great separation below the S1 announced strong upside pressure.
Now, it challenges the 133.91 static resistance and the upper median line (UML). In the short term, the price dropped within a down channel pattern. As long as it stays below the upper median line, the USD/JPY pair could develop a new sell-off.
USD/JPY Forecast!
False breakouts above the upper median line (UML) may announce a new downside movement and selling opportunities. A larger downside movement should be activated by a bearish closure below 133.01.
On the other hand, closing above the upper median line (UML) and above the weekly pivot point (134.26) activates further growth and invalidates the downside scenario. This could bring new long signals.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: