FxWirePro: USD/JPY hovers around 5-DMA at 113.64, focus on US initial jobless claims and goods trade data for further impetus
USD/JPY hovers around 5-DMA at 113.64, edges higher from session lows at 113.34. Upside remains capped by persistent weaker tone around UST yields, break below 5-DMA to see further weakness. Focus now on US trade report …
USD/JPY hovers around 5-DMA at 113.64, edges higher from session lows at 113.34.
Upside remains capped by persistent weaker tone around UST yields, break below 5-DMA to see further weakness.
Focus now on US trade report which is expected to show that the deficit widened due to a rebound in non-petroleum goods imports and an increase in crude oil prices.
Pending homes sales and initial jobless claims data should be watched.
Technically, the pair is ranging in a channel and upside is struggling at channel top.
Bias on weekly charts is bullish and breakout at channel top could see further upside.
On the flipside, close below 5-DMA could see test of 20-DMA at 112.79.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -14.0259 (Neutral), while Hourly JPY Spot Index was at 23.868 (Neutral) at 1120 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.