USD/JPY on track to test 110.50 support, stay short

FX:USDJPY   U.S. Dollar / Japanese Yen
295 0 12
USD/JPY             extends lower after breaking strong trendline support at 112.95. WE have been short since 112.60

Heavy bearish bias continues, test of 110.50 likely, breaks below could see 110 levels.

BOJ March Tankan corporate price expectations survey showed that Japanese companies' long-term inflation expectations weakened in March from three months ago.

Tankan report on Friday showed that business confidence among large manufacturers declined sharply from +12 in Q4 to +6 in Q1, reaching its lowest level since Q2 2013.

Inflation expectations for three- and five-years ahead have never heightened since the survey began and are raising doubts over whether the BOJ’s stimulus measures are working.

The pair unable to hold on to gains the back of a solid non-farm payrolls report in the U.S. and a surprise positive in the ISM manufacturing in the same U.S. session.

We see Doji formation in the Asian session. Price action below daily cloud. Momentum studies bearish .

Minor support is seen at 111.21 (Mar 21st lows). Breaks below to see test of 110.82 and then 110.50 ( trendline support).

On the upside resistance is seen at 112, 112.14 (5-DMA) and then 112.48 (10-DMA).

Our call (link below) has hit all targets. We see scope for further downside. Lower trailing stop to 112.20, target 110.82/110.50
Trade active: Target 1 @ 110.82 hit. We see strong support at 110.82 levels. Book partial profits.
Trade closed: target reached
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out