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.”
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