Dukascopy Bank Team
Dukascopy Bank SA
"USD/JPY continues to consolidate at the 100 week ma at 114.74, this together with a divergence of the daily RSI and a 13 count does point to a near term correction lower/consolidation."
- Commerzbank (based on FXStreet)
-
Pair's Outlook
The US Dollar surprised with its performance on Thursday, as it inched higher against the Japanese Yen unexpectedly. As a result, the pair managed to climb over the 23.60% Fibo, which now suggests that more bullish momentum could follow. Even though technical indicators are also in favour of the positive outcome, the 114.50 psychological level should be considered as a potential resistance, as it prevented the Buck from edging higher on several occasions last week. Meanwhile, the nearest resistance rests only at 115.14, represented by the weekly R1. -
Traders' Sentiment
There are now 60% of traders with a negative outlook towards the Greenback, compared to 62% yesterday. The portion of orders to purchase the Buck, however, remains unchanged at 52%.
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
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.