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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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June 23 14:30 UTC Released

USECRI Weekly Annualized*

Actual

3.4 %

Forecast

Previous

3.7 %

June 23 14:30 UTC Released

USECRI Weekly Index*

Actual

143.7 %

Forecast

Previous

144.0 %

June 26 08:00 UTC 21212121m

GBIfo Expectations*

Actual

Forecast

Previous

106.5 k

June 26 08:00 UTC 21212121m

DEIfo Business Climate*

Actual

Forecast

114.4 bln BRL

Previous

114.6 bln BRL

June 26 08:00 UTC 21212121m

DEIfo Expectations*

Actual

Forecast

106.4 %

Previous

106.5 %

June 26 08:00 UTC 21212121m

DEIfo Current Conditions*

Actual

Forecast

123.3 mln

Previous

123.2 mln

June 26 08:30 UTC 21512151m

GBIfo Expectations*

Actual

Forecast

Previous

40.750 k

June 26 08:30 UTC 21512151m

BRBBA Mortgage Approvals

Actual

Forecast

Previous

40.750 k

June 26 11:00 UTC 23012301m

BRBBA Mortgage Approvals

Actual

Forecast

Previous

84.2 k

June 26 11:00 UTC 23012301m

RUFGV Consumer Conf*

Actual

Forecast

Previous

84.2 %

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