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FxWirePro: USD/JPY breaks below 100-DMA, good to go short on rallies

  • USD/JPY has broken below major support by 100-DMA at 113.13, scope for downside builds. 
     
  • The pair is tracking DXY lower, amid holiday-thinned markets (Japan closed for Vernal Equinox Day) and lack of fresh fundamental drivers.
     
  • FOMC meeting last week which stressed gradualism in its tightening cycle.
     
  • The U.S. data calendar this week’s is thin with focus on new and existing home sales, and durable goods orders.
     
  • Technical studies are bearish, RSI and stochs are biased lower and MACD has shown a bearish crossover on signal line.
     
  • 112 levels in sight, violation there could see test of 111.60 and then 111 levels.
     
  • Fedspeak from Evans, George, Mester, Kashkari, Kaplan, Bullard and Yellen will be closely watched.

Support levels - 112, 111.68 (Feb 28 low), 111.35 (Nov 28, 2016 low), 111.07 (38.2% Fib retrace of 98.78 to 118.66 rise)

Resistance levels - 113.13 (100-DMA), 113.32 (5-DMA), 113.67 (cloud base)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Oversold       
4H          Bearish               Oversold       
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go short on rallies around 112.60/70, SL: 113.20, TP: 111.70/ 111.35/ 111
 

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2017-04-28 03:30:03
0m
Fintech Week Chicago

April 27 23:50 UTC Released

JPIP Forecast 2 Mth Ahead*

Actual

-3.7 %

Forecast

Previous

8.3 %

April 27 23:50 UTC Released

JPIP Forecast 1 Mth Ahead*

Actual

8.9 %

Forecast

Previous

-2 %

April 28 05:00 UTC 4141m

FRConstruction Orders YY*

Actual

Forecast

Previous

5.7 %

April 28 05:00 UTC 4141m

JPConstruction Orders YY*

Actual

Forecast

Previous

5.7 %

April 28 05:00 UTC 4141m

JPHousing Starts YY*

Actual

Forecast

-2.4 %

Previous

-2.6 %

April 28 05:30 UTC 7171m

FRConstruction Orders YY*

Actual

Forecast

0.4 %

Previous

0.40 %

April 28 05:30 UTC 7171m

DEGDP Preliminary QQ

Actual

Forecast

0.4 %

Previous

0.40 %

April 28 06:00 UTC 101101m

GBRetail Sales YY Real

Actual

Forecast

3.3 %

Previous

3.5 %

April 28 06:00 UTC 101101m

GBRetail Sales MM Real

Actual

Forecast

0.1 %

Previous

-0.3 %

April 28 06:00 UTC 101101m

DEGDP Preliminary QQ

Actual

Forecast

6.5 %

Previous

7.4 %

Fintech Week Chicago
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