USD/JPY hangs closer to 5-month low

14 April, 2017

The USD/JPY pair maintained its offered tone and inched closer to 5-month lows touched in the previous session. The pair ran through some fresh offers during early European session amid deteriorating risk-appetite following provoking comments by N. Korean foreign minister. A fresh wave of global risk-aversion trade boosted the Japanese Yen's safe-haven appeal and collaborated to the pair's retracement back below the 109.00 handle. 

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The downward momentum, however, seemed limited, at least for the time being, and the pair now seems to have entered a bearish consolidative phase amid holiday thinned market liquidity conditions. 

Investors now look forward to the US macro data- monthly retail sales and CPI print for the month of March, due later during the NA session for fresh impetus. 

Technical levels to watch

The 200-day SMA near 108.70-60 region might continue to extend immediate support, which if broken decisively should open room for additional near-term depreciating move for the pair, initially towards 108.00 round figure mark en-route 107.75-70 important horizontal support.

On the upside, momentum above session peak resistance near 109.20-25 region now seems to lift the pair beyond 109.40 level (yesterday's high) towards 109.85 intermediate resistance ahead of the key 110.00 psychological mark.


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