USD/JPY chart - Trading View
- USD/JPY continues to trade directionless, trapped between trendline and 200-DMA.
- Recovery attempts are sold-off into the 112 handle, stiff resistance seen at 200-W SMA.
- Earlier in the day, BOJ's executive director, Eiji Maeda, said that the central bank stands ready to ramp up stimulus in order to achieve its 2% inflation target.
- Japan will release the February All Industry Activity Index and the final readings of the Leading and the Coincident Indexes at 0430 GMT.
- All Industry Activity Index is seen declining by 0.1% MoM, and the Leading and the Coincident Indexes are expected to remain unchanged from preliminary estimates.
- Focus now shifts to the US durable goods and Q1 prelim GDP data to provide the major with directional bias.
- Technical bias remains to the downside. RSI has turned and break below 200-DMA will see dip till 61.8% Fib at 110.77.
- A decisive break above 112 handle required for any upside. Next major resistance above 112 lies at 78.6% Fib at 112.43.
Support levels - 111.52 (200-DMA), 110.77 (61.8% Fib)110.25 (Feb 15 low)
Resistance levels - 112 (trendline), 112.43 (78.6% Fib), 112.88 (Oct 22 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
