USD/JPY is trading around 107.30, unchanged daily basis as the pair is unable to extend gains beyond the 107.80 Fibonacci resistance level, Valeria Bednarik, a Chief Analyst at FXStreet, reports.
Key quotes
“Japan released the April Tertiary Industry Index, which came in at -6.0% from -4.2% in the previous month. The US will publish the NY Empire State Manufacturing Index for June, foreseen at -27.5 from -48.5 in the previous month.”
“According to the 4-hour chart, the pair is neutral. In the mentioned time-frame, technical indicators have lost directional strength around their midlines, with the RSI still in the red.”
“USD/JPY is developing below its 100 and 200 SMA, and a handful of pips above a mildly bearish 20 SMA. The risk will turn to the downside on a break below 106.95, while bulls could regain control on a break above 107.80, the 38.2% retracement of the latest daily slide, measured between 109.84 and 106.56.”
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