USD/JPY: Downside potential is limited

FXStreet Team FXStreet

The USD/JPY pair trades around 107.70, unable to attract investors after Japan announced it will lift the state of emergency in all the country, Valeria Bednarik, a Chief Analyst at FXStreet, reports.

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Key quotes

“Japan released the final version of the March Leading Economic Index, which came in at 84.7, better than the previously estimated 83.8. The Coincident Index for the same month was downwardly revised to 90.2.”

“In the 4-hour chart, the USD/JPY pair holds just above a flat 20 SMA, which develops above the larger ones, as technical indicators hover directionless around their midlines. Being at the upper end of its latest range, chances of a downward move seem limited.”

“To gain bullish traction, USD/JPY would need to accelerate above 108.08, last week’s high.”

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FXStreet Team

FXStreet

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