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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.54% lower on the day at 135.94 at around 04:45 GMT.
Previous Week's High/ Low: 139.89/ 133.61
Previous Session's High/ Low: 137.24/ 136.23
Fundamental Overview:
US Initial Jobless Claims matched 230K market consensus for the week ended on December 02, versus the upwardly revised 226K prior.
Further, the four-week average also printed 230K figure compared to 229K previous readings.
Market sentiment seen weakening amid fears surrounding Russia and China as the US braces for human rights sanctions on both these nations.
Challenges to sentiment fail to renew greenback demand ahead of next week’s FOMC as poor US data, Treasury bond yields weigh on US Dollar.
Looking forward, focus will be on the preliminary readings of the Michigan Consumer Sentiment Index for December, expected 53.3 versus 56.8 prior.
University of Michigan’s (UoM) 5-year Consumer Inflation Expectations for the said month, (3.0% previous) will also be watched.
Next week’s Federal Open Market Committee (FOMC) monetary policy meeting will be crucial for the pair for clear directions.
Technical Analysis:
- USD/JPY depressed below 5-DMA, recovery attempts remains capped at 200H MA
- GMMA indicator shows major and minor trend are strongly bearish
- Momentum is bearish, Stochs and RSI are sharply lower, volatility is high
- MACD poised for a bullish crossover on signal line, ADX still points to more downside
Major Support and Resistance Levels:
Support - 135.02 (200-DMA), Resistance - 138.78 (21-EMA)
Summary: USD/JPY trades with a bearish bias. 200-DMA is major support and pivot point at 135.02. Breach below will plummet prices. That said, bounce off 200-DMA will negate any further downside.
