- USD/JPY edges higher from lows at 112.25 amid renewed risk-on in the Asian session.
- Macron’s win in the first French presidential debate cheered by markets.
- Focus now on Fed Dudley’s speech and the upcoming US macro data for further direction.
- Technical studies are bearish, RSI and stochs are biased lower and MACD has shown a bearish crossover on signal line.
- 112 levels in sight, violation there could see test of 111.60 and then 111 levels.
- On the flipside, bearish invalidation seen on break above 100-DMA at 113.21.
Support levels - 112, 111.68 (Feb 28 low), 111.35 (Nov 28, 2016 low), 111.07 (38.2% Fib retrace of 98.78 to 118.66 rise)
Resistance levels - 113.13 (100-DMA), 113.32 (5-DMA), 113.67 (cloud base)
TIME TREND INDEX OB/OS INDEX
1H Bearish Oversold
4H Bearish Oversold
1D Bearish Neutral
1W Bearish Neutral
Call update: We had advised a short in our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-below-100-DMA-good-to-go-short-on-rallies-597637).
Recommendation: Bias lower. Stay short.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -146.492(Highly Bearish), while Hourly JPY Spot Index was at 121.646 (Highly Bullish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
