- The USD/JPY gains 0.45% in the week amid an improved market mood.
- Reports from Russia said that Vladimir Putin is open to sending a delegation to Minsk for talks with Ukraine.
- USD/JPY Technical Outlook: Upward biased, but a daily close above 115.49, would open the door for a renewed challenge of YTD high at 116.35.
The USD/JPY is set to finish the week with gains, climbing 0.45%, amid a risk-on market mood, portrayed by global equities, while in the FX space, high-beta currencies lead. Newswires reported that Russian President Vladimir Putin is ready to hold talks with the government in Ukraine following the Russian invasion. The USD/JPY barely advances 0.02%, trading at 115.57 at press time.
Ukraine – Russia conflict update
Although Russia’s attacks continue for the third consecutive day, Russian Federation President Vladimir Putin “reportedly” is open to sending a delegation to Minsk for talks with Ukraine. The headline has kept investors calmed, as safe-haven peers recorded gains for two consecutive days. However, as reported by Bloomberg, it is only a matter of time before Russia’s forces would take control of Kyiv. That said, uncertainty keeps surrounding the Ukraine – Russia conflict, though caution is warranted when trading the financial markets.
In the meantime, the US economic docket featured Durable Goods Orders for January, which came at 1.6% m/m, higher than 0.6% estimated. Meanwhile, the Federal Reserve’s favorite inflation gauge, the PCE, rose to 6.1% y/y, higher than the 5.8% foreseen, while Core PCE rose to 5.2%, more than the 5.1% expected. Additionally, the University of Michigan Consumer Sentiment Final for February increased to 62.8, better than the 61.7
USD/JPY Price Forecast: Technical outlook
The USD/JPY daily chart depicts the pair as upward biased. The daily moving averages (DMAs) reside below the spot price, with a bullish slope, but to further cement its bias, it would require a daily close above the February 24 close at 115.49.
If that scenario plays out, the USD/JPY first resistance would be February 15 daily high at 115.87. A decisive break would send USD/JPY towards 116.00, followed by the YTD high at 116.35.
|Today last price||115.57|
|Today Daily Change||-0.02|
|Today Daily Change %||-0.02|
|Today daily open||115.59|
|Previous Daily High||115.7|
|Previous Daily Low||114.41|
|Previous Weekly High||115.88|
|Previous Weekly Low||114.79|
|Previous Monthly High||116.35|
|Previous Monthly Low||113.47|
|Daily Fibonacci 38.2%||115.2|
|Daily Fibonacci 61.8%||114.9|
|Daily Pivot Point S1||114.77|
|Daily Pivot Point S2||113.94|
|Daily Pivot Point S3||113.48|
|Daily Pivot Point R1||116.06|
|Daily Pivot Point R2||116.52|
|Daily Pivot Point R3||117.34|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.