The US Dollar appreciated slightly against the Yen on Wednesday, thus returning near the 110 mark. The rate fluctuated around the given line, but failed to form a distinctive wave north. The expected move upwards may be realised in this session, as the Greenback should approach the upper boundary of either a senior or a junior channel down. Given the relatively stable move sideways, the former is likely to be breached this week. Along the way, the pair faces a resistance set by the 55-hour SMA and a cluster of the 100– and 200-hour SMAs circa 110.30 and 110.50, respectively. In case the 55-hour SMA is breached, the latter should halt the pair for the following 24 hours, leaving it in the 110.20/40 area. Traders should keep in mind that three sets of important data are released today.
Interested in USD/JPY technicals? Check out the key levels
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.