USD/JPY frozen near 111.90 ahead of US housing data

Yen little moved despite BOJ bond buying cut, better Japanese CPI.
Markets await a range break out, US housing data unlikely to help.

Dhwani Mehta FXStreet

The USDJPY pair extends its side-tend into the European session, wavering back and forth in a 10-pips extremely narrow range just below the 112 handle.

A tug of war between the bulls and bears continue tor the sixth straight session, despite some volatility witnessed on Thursday after the Yen hit fresh weekly tops at 111.76 against its American peer following the disappointing German and Eurozone PMIs induced broad risk-aversion.

The spot pulled back sharply from the weekly trough and reverted to the familiar ranges near the 112 level following upbeat US retail sales data release the lifted the US stocks alongside the greenback across its main competitors.

On the JPY-side of the equation, a minor uptick in the Japanese CPI figures combined with the Bank of Japan’s (BOJ) decision to cut the purchases of the long duration JGBs failed to move a needle on the USD/JPY pair.

“Japan’s March month national consumer price index (CPI) (YoY) matched expectations of 0.5% increase versus 0.2% earlier while national CPI ex-fresh food, also known as national core CPI, ticked up from 0.7% forecast and prior to 0.8%. It should also be noted that national CPI ex-food and energy remained unchanged at 0.4%,” Anil Panchal, FXStreet’s Analyst noted.

Further, the spot holds steady ahead of the 10-day Golden Week holidays, in anticipation of huge JPY flows, as markets resort to repositioning heading into the shutdown. Looking ahead, the pair will continue its flat action amid holiday-thinned quiet trades and the US housing data is also likely to have little impact on the Yen pair, as markets await a strong catalyst for the 112.15-111.75 range break out.

USD/JPY Technical Levels

USD/JPY

Overview
Today last price	111.92
Today Daily Change	-0.06
Today Daily Change %	-0.05
Today daily open	111.98

Trends
Daily SMA20	111.27
Daily SMA50	111.14
Daily SMA100	110.81
Daily SMA200	111.52

Levels
Previous Daily High	112.08
Previous Daily Low	111.76
Previous Weekly High	112.1
Previous Weekly Low	110.84
Previous Monthly High	112.14
Previous Monthly Low	109.71
Daily Fibonacci 38.2%	111.89
Daily Fibonacci 61.8%	111.96
Daily Pivot Point S1	111.8
Daily Pivot Point S2	111.62
Daily Pivot Point S3	111.48
Daily Pivot Point R1	112.12
Daily Pivot Point R2	112.26
Daily Pivot Point R3	112.44

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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