FxWirePro: USD/JPY grinds sideways at trendline resistance, US dollar barely moves in response to Biden's aggressive stimulus plan
FxWirePro: DXY Daily Outlook
Ichimoku Analysis (Daily chart)
US Dollar index continues to trade lower for the past two weeks and lost more than 3% from a high of 94.74. The COVID -19 vaccine optimism and US stimulus hopes are putting pressure on the US dollar. US durable goods order beats estimates of 0.5% while jobless claims surged to 778K vs forecast of 732K. The flash Q3 GDP came at 33.1% in line with expectations. It hits an intraday low of 91.84 and is currently trading around 91.915.
On the higher side, near-term resistance is around 92.35 (200- H MA), any convincing violation above targets 92.80/93/93.20. Significant bullishness only if it closes above 93.20.
The index is facing strong support at 91.74, an indicative break below will take the index till 91/89.85.
It is good to sell on rallies around 92-92.05 with SL around 92.35 for the TP of 91.