USD/JPY abdicates around 115.00, blame Trump's fiasco speech
|Currently, USD/JPY is trading at 114.75, up +0.05% on the day, having posted a daily high at 115.43 and fresh low at 114.13.
On the last trading hours in the NA session, the Japanese yen squeezed dollar bulls after another attempt to make a move above 115.00 a Border Wall the greenback hasn't been capable of breaking for the last two consecutive days.
In addition, post-US data, price behavior led to believe the US Dollar pullback was almost over. In fact, traders and investors seem anxious to digest next week's economic docket as Retails Sales MOM, Retail Sales ex Autos MOM and Retail Sales control group printed 'Not So Bad' figures. PPI printed as expected results, but not enough after Trump's broadcast show that provided no value to the dollar bullish narrative.
JPY strength to be temporary – BTMU
USD/JPY Technical Levels
Valeria Bednarik, Chief Analyst at FXStreet, notes, "Limited upward potential, but 114.00 to hold for now. The USD/JPY pair suffered a knee-jerk after the release of US data that sent the pair to a daily low of 114.15, but improved inflation readings in the US finally benefited the greenback, at least short term. The pair quickly bounced some 60 pips from the level, suggesting that seller interest somehow receded after the pair tested the critical 114.00 support. In the short term, and according to the 1-hour chart, the upward potential remains limited, as the price is developing well below a bearish 100 SMA, around 115.30, whilst technical indicators have changed course around their mid-lines , but remain neutral, with no certain directional strength. In the 4 hours chart, the technical outlook is bearish, with technical indicators heading lower below their mid-lines , and the price far below its moving averages."
Weekly Resistance Levels: 116.40, later 118.20 and finally 120.00.
Weekly Support Levels: 114.60, later 112.80 and finally 111.00.
USDJPY Forecast Poll 2017: Bullish trend might stop on the second half of the year
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