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FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption

  • USD/JPY declined on Monday as the greenback weakened and investors unwound previous bets the Federal Reserve would hike U.S. interest rates at an aggressive pace this year.
     
  • The greenback has been on the retreat since the U.S. Federal Reserve raised interest rates on Wednesday but stopped short of predicting a sharper acceleration in monetary tightening over the next two years.
     
  • The ongoing downside is set to continue for this pair as the resistance level at 114.23 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
     
  • To the upside, the immediate resistance can be seen at 113.43, a break above this level would take the pair towards next resistance level at 114.23.
     
  • To the downside immediate support can be seen at 112.62, a break below this level will open the gates towards next level at 112.00.

    Resistance Levels

    R1: 113.43 (50% Retracement level)

    R2: 114.23 (61.8% Retracement level)

    R3: 114.85 (March 15th high)

    Support Levels

    S1: 112.62 (38.2% Retracement level)

    S2: 112.00 (Psychological levels)

    S3: 111.62 (23.6% Retracement level)
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Fintech Week Chicago

April 27 19:00 UTC Released

ARIndustrial Output NSA*

Actual

-0.4 %

Forecast

-3 %

Previous

-6 %

April 27 15:00 UTC Released

SAPvt Sector Loans YY*

Actual

-0.1 %

Forecast

Previous

0.3 %

April 27 21:00 UTC 2727m

KRBOK Manufacturing BSI*

Actual

Forecast

Previous

78 bln $

April 27 23:00 UTC 147147m

KRService Sector Output Gr*

Actual

Forecast

Previous

0.1 %

April 27 23:00 UTC 147147m

KRIndustrial Output YY*

Actual

Forecast

3.7 %

Previous

6.6 %

April 27 23:00 UTC 147147m

KRIndustrial Output Growth*

Actual

Forecast

2.0 %

Previous

-3.4 %

April 27 23:01 UTC 148148m

GBGfK Consumer Confidence

Actual

Forecast

-7 %

Previous

-6 %

April 27 23:30 UTC 177177m

JPAll Household Spding YY*

Actual

Forecast

-0.3 %

Previous

-3.8 %

April 27 23:30 UTC 177177m

JPAll Household Spending MM*

Actual

Forecast

-0.8 %

Previous

2.5 %

April 27 23:30 UTC 177177m

JPCPI, Core Nationwide YY

Actual

Forecast

-0.2 %

Previous

-0.4 %

Fintech Week Chicago
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