USD/JPY: awaits key US data releases as next possible breakout catalyst
- USD/JPY stuck within familiar range.
- USD/JPY 113.10 is dynamic support, below the 113.19 Kijun.
USD/JPY has been stuck within familiar ranges between the 113.91 high & above the 113.19 Kijun. Currently, USD/JPY is trading at 113.42, down -0.02% on the day, having posted a daily high at 113.49 and low at 113.37.
Greenback under pressure
The greenback was under pressure and stocks overnight were a poor show on Wall Street, adding to the yen’s bid while yields in the US remained subdued, higher near term in the 2 -years but softer on the wide in the ten-year benchmark. there was a lack of data that inspired traders overnight but the US retail sales and US CPI should be a show starter for the pair.
Meanwhile, in Tokyo, the Janapese picture looks as follows: Japan’s GDP grows for seventh straight quarter as exports outperform
Valeria Bednarik, chief analyst at FXStreet explained that the pair maintains in a neutral stance short-term, although the risk has leaned towards the downside after repeated failures to overcome the 114.40 long-term resistance level.
“In the 4 hours chart, the price remains well-limited between horizontal moving averages, with the 200 SMA acting as a dynamic support around 113.10, where the pair also bottomed last week. In the same chart, the Momentum indicator is stuck around its mid-line, but the RSI heads south around 43, favouring a bearish extension for the next sessions,” Valeria added.