10.09.201808:18 Forex Analysis & Reviews: Fundamental Analysis of USD/JPY for September 10, 2018

Análisis a largo plazo

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USD/JPY is still quite corrective and volatile while residing above 110.50 area with a daily close. Despite the recent positive economic reports of USD employment statistics, USD could not manage to engulf the previous bearish momentum in the pair which does indicate the strength of JPY in the process.

JPY has been meeting the economic expectations for which the sustainability of the gains based on a better performing economy is quite appreciable. Today JPY Bank Lending report was published with an increase to 2.2% which was expected to be unchanged at 2.0%, Current Account decreased to 1.48T from the previous value of 1.76T which was expected to be at 1.56T, Final GDP Price Index report was published unchanged as expected at 0.1% and Final GDP increased to 0.7% as expected from the previous value of 0.5%. The average performance of the economic reports is quite hawkish and expected to provide the required momentum to sustain the bearish pressure in the pair.

On the other hand, this week US PPI, CPI and Retail Sales reports are going to be published which are expected to have mixed outcome whereas better than expected actual results may lead to further add to the impulsive gains of the USD in the process. Today FOMC Member Bostic is going to speak in Georgia about the nation's key interest rates and upcoming monetary policies which are expected to be quite neutral in nature.

As of the current scenario, USD is still quite strong having increased job statistics and economic growth backed by the recent rate hikes and expected inflation. Though JPY is also quite successful in sustaining its gains over USD, certain volatility is expected in this pair. Upcoming USD and JPY reports are expected to provide the required clue for the decisive definite momentum in the pair which is expected to lead to an imbalance market momentum in the pair.

Now let us look at the technical view. The price has recently rejected off the 110.50 with another False Break price action which does indicate the area of bulls in the pair from where certain bullish momentum can be expected. Currently, the price is residing below the dynamic level of 20 EMA with a daily close which if broken with a daily close is expected to inject further bullish momentum in the pair to push the price higher towards 112.00 and later towards 113.00 area in the coming days. As the price remains above 110.50 with a daily close, the bullish bias is expected to continue.

SUPPORT: 110.50

RESISTANCE: 112.00, 113.00

BIAS: BULLISH

MOMENTUM: VOLATILE

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