Daily Analysis For USD/JPY 16-05-2023

Daily Analysis For USD/JPY 16-05-2023

USD/JPY Analysis
USD/JPY
Economic Events and Scenario for USD/JPY
Economic Events: -
GMTEventImpactCurrency
01:30(Australia) Westpac Consumer Confidence IndexHighAUD
01:30(Australia) Westpac Consumer Confidence ChangeHighAUD
02:30(Australia) RBA Meeting MinutesHighAUD
03:00(China) Unemployment RateHighCNY
03:00(China) Retail Sales YoYHighCNY
03:00(China) Industrial Production YoYHighCNY
03:00(China) Fixed Asset Investment (YTD) YoYMediumCNY
06:00(Finland) GDP YoYLowEUR
06:00(Finland) GDP Growth Rate QoQLowEUR
06:00(Finland) GDP Growth Rate YoYLowEUR
07:00(United Kingdom) HMRC Payrolls ChangeLowGBP
07:00(United Kingdom) Average Earnings excl. Bonus (3Mo/Yr)LowGBP
07:00(United Kingdom) Average Earnings incl. Bonus (3Mo/Yr)MediumGBP
07:00(United Kingdom) Unemployment RateHighGBP
07:00(United Kingdom) Claimant Count ChangeHighGBP
07:00(United Kingdom) Employment ChangeHighGBP
07:00(United Kingdom) Labour Productivity QoQLowGBP
08:00(China) FDI (YTD) YoYMediumCNY
08:00(Slovakia) GDP Growth Rate YoYLowEUR
08:00(Slovakia) GDP Growth Rate QoQLowEUR
08:30(Netherlands) Household Consumption YoYLowEUR
08:30(Netherlands) GDP Growth Rate QoQMediumEUR
08:30(Netherlands) GDP Growth Rate YoYMediumEUR
08:30(Netherlands) Balance of TradeLowEUR
09:00(European Union) ECOFIN MeetingMediumEUR
09:00(France) IEA Oil Market ReportMediumEUR
09:00(Italy) Inflation Rate MoMLowEUR
09:00(Italy) Harmonised Inflation Rate MoMLowEUR
09:00(Italy) Inflation Rate YoYMediumEUR
09:00(Italy) Harmonised Inflation Rate YoYLowEUR
09:00(Italy) CPIHighEUR
09:40(Spain) 3-Month Letras AuctionLowEUR
10:00(Cyprus) GDP Growth Rate YoYLowEUR
10:00(Cyprus) GDP Growth Rate QoQLowEUR
10:00(Euro Area) GDP Growth Rate YoYMediumEUR
10:00(Euro Area) GDP Growth Rate QoQMediumEUR
10:00(Euro Area) Employment Change QoQHighEUR
10:00(Euro Area) Employment Change YoYHighEUR
10:00(Euro Area) Balance of TradeMediumEUR
10:00(Euro Area) ZEW Economic Sentiment IndexMediumEUR
10:00(Germany) ZEW Current ConditionsLowEUR
10:00(Germany) ZEW Economic Sentiment IndexHighEUR
10:00(Montenegro) Inflation Rate MoMLowEUR
10:00(Montenegro) Harmonised Inflation Rate YoYLowEUR
10:00(Montenegro) Inflation Rate YoYLowEUR
13:15(United States) Fed Mester SpeechMediumUSD
13:30(Canada) Manufacturing Sales MoMLowCAD
13:30(Canada) Core Inflation Rate MoMLowCAD
13:30(Canada) Core Inflation Rate YoYMediumCAD
13:30(Canada) Inflation Rate MoMMediumCAD
13:30(Canada) Inflation Rate YoYHighCAD
13:30(Canada) CPI Trimmed-Mean YoYHighCAD
13:30(Canada) CPI Median YoYHighCAD
13:30(United States) Retail Sales Ex Gas/Autos MoMHighUSD
13:30(United States) Retail Sales YoYHighUSD
13:30(United States) Retail Sales Ex Autos MoMHighUSD
13:30(United States) Retail Sales MoMHighUSD
13:55(United States) Redbook YoYLowUSD
13:55(United States) Fed Bostic SpeechMediumUSD
14:15(United States) Manufacturing Production MoMLowUSD
14:15(United States) Industrial Production MoMMediumUSD
14:15(United States) Industrial Production YoYMediumUSD
14:15(United States) Manufacturing Production YoYLowUSD
14:15(United States) Capacity UtilizationLowUSD
14:45(Euro Area) ECB Tuominen SpeechLowEUR
15:00(United States) Retail Inventories Ex Autos MoMLowUSD
15:00(United States) Business Inventories MoMMediumUSD
15:00(United States) NAHB Housing Market IndexMediumUSD
15:00(United States) Fed Barr TestimonyMediumUSD
15:00(Euro Area) ECB President Lagarde SpeechMediumEUR
16:00(New Zealand) Global Dairy Trade Price IndexLowNZD
16:30(United States) 52-Week Bill AuctionLowUSD
17:15(United States) Fed Williams SpeechMediumUSD
20:15(United States) Fed Logan SpeechMediumUSD
21:30(United States) API Crude Oil Stock ChangeMediumUSD
Today's Scenario: - During the Tokyo session, the USD/JPY pair has fallen below the significant support level of 136.00. The currency pair is anticipated to experience a state of uncertainty as investors eagerly await the outcome of the negotiations regarding the US borrowing cap between the White House and congressional Republicans.
Buy Scenario: - A recovery in the USD/JPY pair remains elusive unless it breaks through a horizontal resistance zone near 136.30-35, which comprises previous tops observed since April 28.
Even if the buyers manage to surpass 136.35, they will face further resistance at the May and March highs, around 137.80 and 137.90, respectively, before potentially reaching the psychological level of 138.00. Till we did not advise to buy in USD/JPY.
Sell Scenario: - The bearish signals from the MACD indicator and the downward-sloping 14-day Relative Strength Index (RSI), which is not yet in oversold territory, further support the hopes of Yen buyers.
Consequently, the USD/JPY pair is poised to test the 50% Fibonacci retracement level of its upward move from April 26 to May 02, located around 135.40.
However, it may prove challenging for Yen sellers to overcome the confluence of the 61.8% Fibonacci retracement level and the 200-hourly Moving Average (HMA) around 134.90-85.
If the selling pressure persists, the focus will shift towards the round figure of 134.00 and the monthly low around 133.50, which are likely to attract the attention of USD/JPY sellers. Till we did not advise to sell the position in USD/JPY.
Support and Resistance Level: -
SupportResistance
S1 135.74-R1 136.41
S2 135.36-R2 136.70
S3 135.07-R3 137.08

Discussion

default man
Explore
Trade360 Review 2023: Account Options, Trading Hours, Security Measures, Pros and Cons

Trade360 Review 2023: Account Options, T...

Finexo Review 2023: Account Types, Spreads, Customer Support and Expert Analysis

Finexo Review 2023: Account Types, Sprea...

eToro Review 2023: Trading Platforms, Instrument Variety Pros and Cons

eToro Review 2023: Trading Platforms, I...

Comprehensive Review of FXTrading.com: Pros and Cons of a Leading Trading Platform

Comprehensive Review of FXTrading.com: P...

Sky Alliance Markets Review 2023: Pros, Cons, and Trading Features

Sky Alliance Markets Review 2023: Pros, ...

;