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FxWirePro: USD/JPY opens the week with a bearish bias, break below 110-EMA to see further declines

USD/JPY chart on Trading View used for analysis

  • USD/JPY has started the week on a backfoot, trades 0.26% lower on the day at 112.39 at the time of writing.
     
  • The pair is extending weakness on the back of an unimpressive monthly employment report on Friday.
     
  • Data showed that U.S. employers hired 155K workers in November, fewer than forecast, although the unemployment rate remained steady at 3.7% (at near a 49-year low). 
     
  • The poor result raises concerns that U.S. growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought.
     
  • On the data front for the week we have: 
    - Producer Price Index (PPI) for the month of November (Tuesday)
    - Consumer Price Index (CPI) for the month of November (Wednesday)
    - Core Retail Sales, Industrial Production, and Purchasing Managers' Index (PMI) all for the month of November (Friday)
     
  • Also, the IMF Chief Economist Maurice Obstfeld said in an interview on Sunday, the US economic growth is likely to slowdown in the coming years.
     
  • March 1st 'hard deadline' for China trade deal set by the U.S. could make investors even more nervous than they already are.
     
  • Technical bias is also bearish. Price has dipped below cloud and is on track for further downside.
     
  • The Pair finds strong support at 112.20 (nearly converged 110-EMA and 23.6% Fib). Break below to see further weakness.
     
  • On the flipside, 5-DMA is immediate resistance is seen at 5-DMA at 112.75. Break above to see minor upside.

Support levels - 112.20 (nearly converged 110-EMA and 23.6% Fib), 111.62 (Oct 15 low)

Resistance levels - 112.75 (5-DMA), 113.08 (21-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2019-04-22 00:49:44
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