USD/JPY extends range trade... dari FatGor

22 May 2020, 15:35 · Views 917

USD/JPY extends range trade after BOJ’s status-quo, US-China tussle to keep downside pressure

USD/JPY was trading range bound on the day at 107.53 at around 03:30 GMT, intraday bias neutral.

BOJ’s inaction during the early Friday left trades unimpressed. The Japanese central bank left monetary policy unchanged during the surprise meeting as widely expected.

The BOJ announced additional measures to support the economy, citing virus outbreak fears, and showed readiness to act.

Latest updates from China’s 13th National People's Congress (NPC) weigh on the risk-tone and help the Japanese yen to extend recoveries, weighing on the pair.

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USD/JPY TODAY - dips notably today but stays above 106.57 temporary low. Intraday bias remains neutral first. Further decline is expected as long as 107.64 resistance holds. Break of 106.57 will target 105.98 support and below. In that case, But downside should be contained by 61.8% retracement of 101.18 to 111.71 at 105.20 to bring rebound. On the upside, break of 107.64 will turn bias back to the upside for 109.85 resistance instead.

FatGor

EUR/USD Forecast - Uncertainty Remains US Retail Sales soared in May, while Fed's chief Powell cooled down corporate bond-buying expectations. EUR/USD retreated from highs, with increased bearish potential in the short-term. German ZEW Survey showed that Economic Sentiment improved in June, as the German index came in at 63.4 while for the whole EU, it resulted in 58.6. Inflation in the country met the market's expectations.

FatGor