TECHNICAL DAILY OUTLOOK – USDJPY 14th of May (4:49GMT)
EYES ON 119.50
NEWS THAT CAN HAVE AN IMPACT:
– U.S. PRODUCER PRICE INDEX (13:30 GMT)
If this setup will be confirmed and reinforced by fundamentals then this is what we can trade.
First resistance: 119.50-119.60
First bearish target area: 118.60
Second bearish target area: 118.20
Ultimate bearish target area: 117.355 (weekly)
On the contrary, if news will say that inflation is boosting and rates can be assumed to gain chances for a uplift then we will see USD/JPY fighting back against the 120.350 resistance, first, and 120.950, finally.
Author: Simone Ambrogio
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