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USD/JPY peaked at 110.96, now trading in the 110.60 region, as bulls pause ahead of Biden’s speech. All in all, the USD/JPY pair retains its bullish stance in the near-term, according to FXStreet’s Chief Analyst Valeria Bednarik.

See:  USD/JPY to move downward as US yields set to curtail its gains – Rabobank

Key quotes

“Investors took some profits out of the table ahead of US President Joe Biden’s speech. Biden is expected to announce a huge infrastructure investment plan to boost economic recovery. He may also announce tax hikes.”

“Beyond Biden’s speech, the US session will bring the March ADP survey on private jobs creation, foreseen at 550K, and February Pending Home Sales.”

“In the 4-hour chart, the USD/JPY pair keeps developing above bullish moving averages, while technical indicators correct part of their overbought conditions before starting to regain the bullish track.”  

“The corrective slide could gain momentum if the pair pierces the 100.30 support level, while further gains are to be expected once above the 111.00 threshold.”