Current trend
USD continues to trade against JPY with multidirectional dynamics, holding near 110.40 and local highs, updated on Wednesday.
Market activity remains subdued, as no noteworthy macroeconomic publications are expected at the end of the week, and investors are inclined to lock in their profits. USD, as before, counts on the active actions of the US Fed in the issue of reducing the existing stimulus, along the way receiving support from optimistic macroeconomic publications. In particular, yesterday's data confirmed the positive trends in the labor market, moving towards full employment. The overall picture is clouded only by the statistics on the incidence of coronavirus in both the United States and Japan.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range expands slightly, freeing a path to new local highs for the "bulls". MACD histogram develops a weak uptrend and retains a previous buy signal (located above the signal line). Stochastic, having rebounded from its highs, maintains a confident downtrend, signaling in favor of the development of corrective decline in the ultra-short term.
The development of the downtrend in USD is possible in the near future.
Resistance levels: 110.68, 111.00, 111.34.
Support levels: 110.29, 110.00, 109.57, 109.29.
USD continues to trade against JPY with multidirectional dynamics, holding near 110.40 and local highs, updated on Wednesday.
Market activity remains subdued, as no noteworthy macroeconomic publications are expected at the end of the week, and investors are inclined to lock in their profits. USD, as before, counts on the active actions of the US Fed in the issue of reducing the existing stimulus, along the way receiving support from optimistic macroeconomic publications. In particular, yesterday's data confirmed the positive trends in the labor market, moving towards full employment. The overall picture is clouded only by the statistics on the incidence of coronavirus in both the United States and Japan.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range expands slightly, freeing a path to new local highs for the "bulls". MACD histogram develops a weak uptrend and retains a previous buy signal (located above the signal line). Stochastic, having rebounded from its highs, maintains a confident downtrend, signaling in favor of the development of corrective decline in the ultra-short term.
The development of the downtrend in USD is possible in the near future.
Resistance levels: 110.68, 111.00, 111.34.
Support levels: 110.29, 110.00, 109.57, 109.29.