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Chart - Courtesy Trading View
Spot Analysis:
USD/JPY was trading 0.24% lower on the day at 127.90 at around 08:20 GMT
Previous Week's High/ Low: 131.34/ 127.51
Previous Session's High/ Low: 129.53/ 128.00
Fundamental Overview:
Signs of an easing in Shanghai's coronavirus lockdowns strengthened market sentiment, denting on the dollar.
Japan trade data for April 2022, released earlier in the day, showed that exports rose 12.5% year-on-year, imports rose 28.2% year-on-year.
Japan's trade balance contracted to -¥839.2 billion (-$6.51 billion) from -¥414.1 billion prior, bettering forecasts at -¥1150.0 billion .
On the other side, poor U.S. housing data on Wednesday added to economic slowdown concerns, weighing on the dollar.
US building permits printed at 1.819 million but contracting 3.2% month-on-month in April 2022. Housing starts were at 1.724 million but contracted 0.2% month-on-month.
Technical Analysis:
- USD/JPY erases early gains, slips lower from session highs at 128.94
- Price action has slipped below 21-EMA, 5-DMA is biased lower
- Bearish RSI divergence adds to the downside bias, RSI has slipped below the 50 mark
- GMMA indicator shows major trend is bullish, but minor trend has turned bearish on the daily charts
Major Support and Resistance Levels:
Support - 125.20 (55-EMA), Resistance - 129.28 (20-DMA)
Summary: USD/JPY poised for further downside. Dip till lower Bollinger band at 127.26 likely. Next major bear target lies at 55-EMA at 125.20.
