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Apr 23 - 04:55 PM

USD/JPY - Key Support Breakdown Postponed By U.S. PMI, Pre-Fed

By Randolph Donney  —  Apr 23 - 02:45 PM
  • USD/JPY broke key 2021 Fibo and up TL support at 107.77/74 early

  • But strong U.S. PMI, home sales reversed the drop to a 107.48 EBS low

  • Treasury-JGB yields and stocks rebounded on the U.S. data

  • A 108.14 high, but 10th day of lower highs; Thur's high at 108.23

  • Need higher closes to give oversold RSIs and Hammer candle more credit

  • A rebound would still face heavy resistance by 109, underwater spec longs

  • The 50% and 61.8% Fibo props are at 106.78/5.80 if 107.77 is closed below

  • BOJ Tues, Fed Wed the focus as Japan locks down again nL4N2MF4QX

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Source:
Refinitiv IFR Research/Market Commentary

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