The US Dollar is trading on the high side against the Yen to kick off the new week, and the USD/JPY pair is sticking close to Friday’s highs near 107.80. What more does this 23 April USDJPY Fundamental Outlook discuss?
23 April, GKFX – The USD/JPY has been climbing steadily since reaching a bottom in late March near 104.60, and the Greenback continues to climb against the safe-haven Yen as Treasury yields continue to lift and a semblance of market risk appetite returns to markets.
Little data is scheduled for either currency for the remaining Monday sessions, though the USD will be seeing Markit preliminary PMIs at 13:45 GMT and the Composite PMI is expected to print at 55.3 versus the previous 54.2.
23 April USDJPY Fundamental Outlook
USD/JPY bulls are looking eager to be let off the chain after setting a new high for April on Friday, and the outlook is turning increasingly bullish as noted by FXStreet’s own Valeria Bednarik:
“the daily chart for the pair shows that it posted its highest settlement since mid-February and that it remains above a daily ascendant trend line coming from early April low. However, the 100 DMA maintains a sharp bearish slope above the current level, offering a dynamic resistance around 108.30.
The Momentum indicator in the mentioned chart heads nowhere above within positive territory, but the RSI maintains a bullish slope around 59, supporting additional gains ahead. Shorter term, and according to the 4 hours chart, the pair presents a neutral-to-bullish stance, holding above moving averages that lack directional strength, as technical indicators hover inside positive territory, but also without clear directional strength.”
Support levels: 107.45 107.10 106.80
Resistance levels: 107.85 108.30 108.60
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