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May 04 - 09:55 PM

USD/JPY - Range Top In View, As Cloud Support Rises Sharply

By Andrew M Spencer  —  May 04 - 08:03 PM

  • Steady after closing +0.2% amid broad based USD strength

  • Final day of Golden Week - expect risk and the USD to lead

  • Charts, rising daily cloud provides underlying support - cloud top 108.88

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

  • Setup suggests a period of 108.50-109.70 consolidation until Tokyo return

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

  • 108.88 cloud top and 108.58 Tenkan line are the key supports

  • NY 109.04-109.42 range is initial support, resistance

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Source:
Refinitiv IFR Research/Market Commentary

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