Slobodan Drvenica
Windsor Brokers
USDJPY
The pair bounces from one-month low on Tuesday, as selloff in global stock markets eased, reducing safe-haven demand. Japanese yen advanced in past two weeks on strong fall in stock markets as well as uncertainty over US/China trade war, which boosted its safe-haven appeal. Bounce comes after larger bears were contained by rising 55SMA and strongly oversold daily studies warned of correction. Reversing slow stochastic and momentum support the action, but overall structure remains firmly bearish and favors further weakness after correction. Repeated close below Fibo support at 111.97 (61.8% of 110.38/114.54) and final break below 55SMA are needed to signal bearish continuation towards 111.32/00 (100SMA/round-figure). Monday's high at 112.23 marks initial resistance with extended upticks to be ideally capped by 30SMA (112.45). Lift above 20SMA (112.95) would neutralize bears and signal reversal.
Res: 112.23; 112.45; 112.95; 113.08
Sup: 111.82; 111.62; 111.32; 111.00
Interested in USDJPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 ahead of key US data
EUR/USD trades in a tight range above 1.0700 in the early European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays above 156.00 after BoJ Governor Ueda's comments
USD/JPY holds above 156.00 after surging above this level with the initial reaction to the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Sei Price Prediction: SEI is in the zone of interest after a 10% leap
Sei price has been in recovery mode for almost ten days now, following a fall of almost 65% beginning in mid-March. While the SEI bulls continue to show strength, the uptrend could prove premature as massive bearish sentiment hovers above the altcoin’s price.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.