Back
6 May 2016
USD/JPY: prospects of further slides limited short-term - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair traded uneventfully around the 107.00 level.
Key Quotes:
"...With Japanese markets closed for third consecutive day on local holidays, and investors still side-lined, this time as they wait for the US Nonfarm Payroll report to be released this Friday.
Worse-than-expected US weekly unemployment claims have helped the pair retreat from a daily high of 107.39, but there's little to work with today, as the pair is barely moving within a 50 pips range."
"Technically, the 1 hour chart shows that the price is now above its 100 SMA, around 106.60, whilst the technical indicators have turned south around their mid-lines, lacking momentum and therefore not enough to confirm further slides."
Key Quotes:
"...With Japanese markets closed for third consecutive day on local holidays, and investors still side-lined, this time as they wait for the US Nonfarm Payroll report to be released this Friday.
Worse-than-expected US weekly unemployment claims have helped the pair retreat from a daily high of 107.39, but there's little to work with today, as the pair is barely moving within a 50 pips range."
"Technically, the 1 hour chart shows that the price is now above its 100 SMA, around 106.60, whilst the technical indicators have turned south around their mid-lines, lacking momentum and therefore not enough to confirm further slides."