This 13 April USDJPY Technical Outlook shows that the pair has finally managed to break through an important barrier near mid-107.00s and jumped to 1-1/2 month tops in the last hour. However, will the pair be able to build on the possible bullish momentum amid relatively thin US economic docket?
13 April, GKFX – After an initial dip to 107.20 level, the pair regained traction and built on overnight rebound from 1-week old trading range support, near the 106.65-60 region.
Bulls defying subdued USD demand/sliding US bond yields
Despite a subdued US Dollar price action and a modest retracement in the US Treasury bond yields, improving risk-appetite, which tends to weigh on the Japanese Yen’s safe-haven appeal, was seen as one of the key factors driving the pair higher.
It would now be interesting to see if the pair is able to build on the possible bullish momentum or the up-move turns out to be a fake-out amid relatively thin US economic docket, featuring the second-tier release of Prelim UoM Consumer Sentiment and JOLTS Job Openings data.
13 April USDJPY Technical Outlook
Omkar Godbole, Analyst and Editor at FXStreet writes:
“The bull flag breakout indicates the rally from the March 25 low of 104.63 has resumed and the spot could test supply around 110.00 – 110.35 (bull flag breakout as per the measured height method) over the next week or two.”
This article 13 April USDJPY Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.