The USD/JPY pair has finally settled close to the daily high
at 111.427 after had pared most of its
weekly losses supported by Japanese yen’s mood improvement. Asian shares are
slightly up, following the Wall Street’s surge and the excellent macro data from
Japan that mirrored in Nikkei PMI highest numbers in almost two years.
Technically speaking the upwards potential is not showing strong structural
indications. On the four-hour time frame the 100-day SMA is very bearish and
pair yet is not able to advance above it. RSI has turned sharply to south and
is surpassing the mid-lines, while stochastic is pointing north.
Strong resistance is seen at 111.60 and higher at 112.00. Support levels are
located at 110.50 (the daily low) and 110.10 (March’s lows).
All eyes now are on Friday's NFP release with expetations of 112.00 handle to cap advances.
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