USDJPY failed to break above 115.62 resistance and continued its sideways movement in a range between 111.58 and 115.62. Deeper decline to test 111.58 support would likely be seen next week. A break of this level will indicate that the downtrend from 118.66 has resumed, then the following downward movement could bring price to 108.00 area. Only break above 115.62 resistance could signal completion of the downtrend.
Investment and trading decisions are solely your responsibility. None of the ForexCycle.com newsletters or web site materials should be interpreted as a recommendation or solicitation to take any short or long positions, or to take any specific action.
Recommended Content
Editors’ Picks
Bank of Japan keeps interest rate steady, as expected
The Bank of Japan (BoJ) board members decided to hold the key interest rate steady at 0%, following its April monetary policy review meeting on Friday. The decision came in line with the market expectations.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price keeps its range around $2,330, awaits US PCE data
Gold price is consolidating Thursday's rebound early Friday. Gold price jumped after US GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the Fed could lower borrowing costs. Focus shifts to US PCE inflation on Friday.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.