Key PointsThe US Dollar after nosediving towards the 108.20 level against the Japanese Yen found support. There USDJPY pair is currently recovering, but facing a major bearish trend line at 109.10 on the hourly chart. Earlier today in Japan, the Merchandise Trade Balance Total for March 2017 was released by the Ministry of Finance. The outcome was better than the forecast, as there was a trade surplus of ¥614.7B, more than the forecast of ¥575.8B. USDJPY Technical Analysis
The US Dollar was under a lot of pressure against the Japanese Yen this past week, as it traded below the 108.50 support for a new weekly low of 108.17. Later, the USDJPY pair gained bids around 108.20, [...]
Key PointsThe US Dollar made a downside move against the Japanese yen, and broke the support 117.30. The USDJPY pair went down, and also broke a bullish trend line on the hourly chart at 117.40. In Japan today, the Services Purchasing Managers Index (PMI) was released by Markit Economics. The result was above the forecast, as there was a rise from the last reading of 51.8 to 52.3 in Dec 2016. USDJPY Technical Analysis
The US Dollar made a downside move against the Japanese yen, and broke a couple of important support levels at 117.30 and 117.40. There was even a break below a bullish trend line on the hourly chart at 117.4.
The pair also went below the 21 [...]
Key PointsThe US Dollar looks like following a bullish trend against the Japanese yen, and may continue to rise. There is a major bullish trend line formed on the hourly chart of the USDJPY pair, which is acting as a support. The Japanese Leading Economic Index released by the Cabinet Office posted a decline from 100 to 99.7 in May 2016. The Japanese Coincident Index also declined from the last revised reading of 112 to 109.9 in May 2016. USDJPY Technical Analysis
The US dollar suffered losses against the Japanese yen this past week, but it later managed to recover. There is a major bullish trend line formed on the hourly chart of the USDJPY pair, which provided support and [...]
The US Dollar is an uptrend against the Japanese yen, but it is struggling to clear the 106.35 level. Currently, there is a contracting [...]