After two consecutive daily pullbacks, today’s 30 April USDJPY Intraday Technical Outlook shows that the USD/JPY is now regaining some buying interest and is looking to consolidate the trade above the critical barrier at 109.00 the figure. what is more?
30 April, OctaFX – The US dollar continues to trade to the upside against the Japanese yen, as buyers again stepped in from the psychological 109.00 level early today. The USDJPY pair currently trades around the 109.30 level, with buyers now trying to negate the two bearish daily reversal candles. Moving into the U.S session, traders await key US inflation data, with the 109.46 level the key upside level to watch.
With Japanese markets closed due to the Showa Day holiday, activity and volatility in spot remains marginal and always keeping an eye on the US money markets. Adding some support to the buck, US Treasury Secretary S.Mnuchin showed himself optimistic over the U-China trade talks.
Data wise in later in the NA session, US inflation figures gauged by the PCE are due for the month of April, along with the Chicago PMI, Pending Home Sales and Personal Income/Spending. From the speculative community, JPY net longs receded to 4-week lows during the week ended on April 24, as showed by the latest CFTC report.
30 April USDJPY Intraday Technical Outlook
The USDJPY pair remains bullish while trading above the pivotal 109.00 handle, key resistance is now located at the 109.48 and 109.78 levels.
If the USDJPY pair moves below the 109.00 level for a sustained period, sellers are likely to target the 108.80 and 108.50 levels.
This article about 30 April USDJPY Intraday Technical Outlooks was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.