Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY consolidates above 111 handle as markets ignore BoJ noise, focus on US GDP data

  • USD/JPY bounced back from 2-week lows at 110.75 to close above the 111 handle on Monday's trade.
  • Markets now look past BoJ noise and believe that the central bank will not be tweaking their monetary policy as soon as next week.
  • If the BOJ does tweak its monetary policy when they meet on July 30 (Mon), 31 (Tues) yen could see a further uproar.
  • Also, a pickup in the US bond yields helped ease bearish pressure on the greenback.
  • The major is trading in a narrow range and is struggling to hold gains above 21-EMA.
  • Technical bias on daily charts slightly in favour of bears. Decisive break above 21-EMA could invalidate the bearish bias.
  • Focus now on this week's US PMI and GDP data for further impetus.

Support levels - 110.50 (55-EMA), 110.10 (200-DMA), 109.90 (cloud and 38.2% Fib)

Resistance levels - 111.40 (21-EMA), 111.87 (5-DMA), 112

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -34.6178 (Neutral), while Hourly JPY Spot Index was at 56.4229 (Neutral) at 0410 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.