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Apr 16 - 04:55 PM

USD/JPY - Tests Bottom Of Narrow Range As Shares Retreat

By Robert Fullem  —  Apr 16 - 02:50 PM

• USD/JPY tests range bottom as yields, shares fall following Fed Chair Powell

• Powell said, despite downside risks, the Fed can wait for greater clarity

• Settles in bottom half of narrow 142.03 to 143.36 EBS range

• No new developments from Japan, US trade negotiations

• Some short-covering risks on any positive developments in talks

• Series of lower highs weighs though losses limited to lower Bollinger

• Vols and option risk reversals remain steady

• Support: 142.03 days low; 141.65-68, Sept 20, Aug 5 lows; 140.92 Sept 16 low

• Resistance: 143.61 Tuesday high; 144.55-60 April 4 low and April 11 high

• BOJ's Junko Nakagawa set to speak on Thursday
Yen


(Robert Fullem is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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