Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.06% higher on the day at 115.87 at around 08:30 GMT
Previous Week's High/ Low: 115.80/ 114.64
Previous Session's High/ Low: 115.94/ 115.55
Fundamental Overview:
Hopes for a diplomatic solution to Ukraine-Russia war remained supportive of the risk-on mood, undermining the safe-haven US dollar.
On the data front, Japan’s Producer Price Index (PPI) for February printed at 9.3% YoY, versus 8.7% expected and 8.6% prior.
Focus now on US CPI for a fresh impetus. US Consumer Price Index (CPI) for February is expected to rise to 7.9% from 7.5% prior.
Technical Analysis:
- GMMA indicator shows major and minor trend are bullish
- Stochs and RSI are sharply higher, momentum is with the bulls
- Price action is above daily cloud and Chikou span is biased higher
- MACD supports upside in the pair
Major Support and Resistance Levels:
Support - 115.39 (200H MA), Resistance - 116.35 (Wedge top)
Summary: USD/JPY poised for further gains. Eyes wedge top resistance at 116.35. Bullish invalidation below 200H MA.
