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USD/JPY chart - Trading View
Spot Analysis:
USD/JPY was trading largely unchanged on the day at 109.46 at around 06:30 GMT.
Previous Week's High/ Low: 110.32/ 109.33
Fundamental Overview:
The disappointing US labour market data sent bond yields lower on Friday with 10Y US Treasuries declining some 6bp.
US Nonfarm Payrolls that were too soft for markets to price in a change in Fed policy. Fed's patient stance to stay at the FOMC meeting Wednesday next week.
Focus now on the CPI release on Thursday, where consensus looks for a further rise in core inflation to 3.4% y/y.
Technical Analysis:
- Bearish engulfing in the previous week's candle dents upside in the pair.
- Price action has slipped below 200H MA, raising scope for further weakness.
- 5-DMA caps upside at 109.65, GMMA on the intraday charts has turned bearish.
Major Support and Resistance Levels:
Support - 109.29 (20-DMA), 109.05 (Trendline), 108.86 (200W MA)
Resistance - 109.60 (200H MA), 109.65 (5-DMA), 110
Summary: USD/JPY is likely to see minor pullbacks, Consolidation likely for the pair ahead of next week's FOMC meet. Major weakness only below 200W MA.
