Daily Analysis For USD/JPY 12-04-2023

Daily Analysis For USD/JPY 12-04-2023

USD/JPY Analysis
USD/JPY
Economic Events and Scenario for USD/JPY
Economic Events: -
GMTEventImpactCurrency
00:30(United States) Fed Kashkari SpeechMediumUSD
00:50(Japan) Bank Lending YoYLowJPY
00:50(Japan) PPI YoYLowJPY
00:50(Japan) PPI MoMLowJPY
00:50(Japan) Machinery Orders MoMMediumJPY
00:50(Japan) Machinery Orders YoYMediumJPY
02:30(Australia) Building Permits MoMLowAUD
02:30(Australia) Private House Approvals MoMLowAUD
02:30(Australia) Building Permits YoYLowAUD
05:30(Netherlands) Balance of TradeLowEUR
05:45(Australia) RBA Bullock SpeechMediumAUD
06:00(Finland) Current AccountLowEUR
07:00(Lithuania) PPI YoYLowEUR
07:00(Lithuania) PPI MoMLowEUR
08:00(Slovakia) Construction Output YoYLowEUR
10:00(United Kingdom) 6-Year Index-Linked Treasury Gilt AuctionLowGBP
10:10(Italy) 12-Month BOT AuctionLowEUR
10:10(Italy) 4-Month BOT AuctionLowEUR
10:30(Germany) 30-Year Bund AuctionLowEUR
11:00(Latvia) CPILowEUR
11:00(Latvia) Inflation Rate YoYLowEUR
11:00(Latvia) Inflation Rate MoMLowEUR
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
13:30(United States) Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate MoMMediumUSD
13:30(United States) Core Inflation Rate YoYHighUSD
13:30(United States) Inflation Rate YoYHighUSD
13:30(United States) CPIHighUSD
13:30(United States) CPI s.aHighUSD
13:30(Euro Area) ECB Guindos SpeechHighEUR
14:00(Ecuador) Balance of TradeLowUSD
14:00(United Kingdom) BoE Gov Bailey SpeechMediumGBP
15:00(Canada) BoC Monetary Policy ReportHighCAD
15:00(Canada) BoC Interest Rate DecisionMediumCAD
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:00(Kosovo) Inflation Rate YoYLowEUR
16:00(Canada) BoC Press ConferenceMediumCAD
16:30(United States) 17-Week Bill AuctionLowUSD
18:00(United States) 10-Year Note AuctionLowUSD
19:00(United States) FOMC MinutesHighUSD
19:00(United States) Monthly Budget StatementMediumUSD
20:15(United Kingdom) BoE Gov Bailey SpeechMediumGBP
Today's Scenario: - The USD/JPY pair reached a new four-week high of 134.04 during the Asian session, with the US Dollar Index (DXY) recovering and causing an upward bias for the asset. Investors are becoming increasingly anxious ahead of the release of US inflation data, as well as the Bank of Japan's support for expansionary monetary policy. The USD Index is trying to maintain support at the 102.00 level as investors grow nervous about the US Consumer Price Index (CPI). Demand for US government bonds remains volatile prior to the US inflation release, with yields on 10-year US Treasury bonds hovering around 3.43%.
Buy Scenario: - The USDJPY pair is currently trading above the 133.30 level, maintaining a bullish outlook. This is due to a previously completed double bottom pattern, which is visible on the chart, and the expectation of reaching positive targets starting at 135.00 and extending to 137.45.
The bullish trend is supported by the EMA50, but it is important to note that a break below 133.30 could stop the upward momentum and lead to a reversal towards a decline again. Till we did not advise to buy in USD/JPY.
Sell Scenario: - If the USD/JPY pair drops below the pivot level, the first major support level (S1) at 133.160 may come into play. However, unless there is a significant sell-off triggered by economic data, the pair is likely to avoid dropping below 133, which would bring the second major support level (S2) at 132.646 into focus. The third major support level (S3) is located at 131.809. Till we did not advise to sell the position in USD/JPY.
Support and Resistance Level: -
SupportResistance
S1 133.16-R1 133.99
S2 132.65-R2 134.32
S3 132.33-R3 134.82

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