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May 02 - 11:55 PM

USD/JPY - Optimism And The Rising Daily Cloud Supports

By Andrew M Spencer  —  May 02 - 09:22 PM

  • +0.1%, modest risk on, AUD/JPY +0.25%, E-mini S&P +0.4%, AsiaxJP +0.1%

  • Golden week in full swing - JPY will likely be risk and USD led in Asia

  • Charts, rising daily cloud provides underlying support - cloud top 108.25

  • Horizontal Tenkan & Kijun lines, 5, 10 & 21 daily moving averages conflict

  • Setup suggest choppy consolidation, rather than a trending move

  • 109.22 Kijun line then London 108.77 low initial support

  • 109.63, 61.8% of the March-April fall first resistance

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jpy may 3 Click here

Source:
Refinitiv IFR Research/Market Commentary

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