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Chart - Courtesy Trading View
USD/JPY was trading 0.14% lower on the day at 132.67 at around 04:10 GMT, after closing 1.56% higher in the previous session.
The U.S. dollar was on the front foot on Thursday as banking crisis fears ease. Sentiment improves with no further signs of cracks in the financial sector.
Steps taken by regulators seem to calm investor nerves for now. Focus has switched back to what the Fed is likely to do at its May policy meeting.
Markets are pricing in a 60% chance of the Fed keeping interest rates on hold at the May meeting, according to CME FedWatch tool.
On the other side, the Bank of Japan (BoJ) is expected to keep its monetary ultra-loose for the time being.
Looking forward, focus is on US GDP, jobs data and personal consumption figures along with core personal consumption expenditure (PCE) number.
Technical Analysis:
- USD/JPY has bounced off major trendline support
- Stochs show bullish rollover from oversold levels
- MACD is on verge of bullish rollover on signal line
- Price action pivotal at 21-EMA and cloud top
Major Support Levels: 131.70 (5-DMA), 131.47 (200H MA)
Major Resistance Levels: 132.80 (21-EMA), 133.42 (55-EMA)
Summary: USD/JPY is consolidating previous session's gains. 21-EMA is immediate resistance at 132.80. Technical bias is neutral, but decisive break above cloud and 21-EMA will change near-term dynamics.
