USDJPY: Pair Licks 200DMA, Awaits Impetus for Movement

28 / 06 / 2018
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The greenback ticked higher on Thursday and it was hovering around 110.30 during the London session, where the 200 day moving average is seen.

Yesterday’s stock panic sell-off did not materialize on the USDJPY pair and the greenback also ignored falling yields as the USDJPY pair stayed stronger on the day. Moreover, mixed durable goods also failed to move the pair to any side.

Later in the day, the final revision of the US GDP for the first quarter is due and should stay unchanged at 2.2%, while the GDP price index is seen at 1.9%. If there are no deviations from these expectations, there should not be any major movements on the markets.

The USDJPY pair has been oscillating around the 200 day moving average for a while now and it is trying to breach the first stronger resistance at 110.50. If bulls will be successful, further rise to the June’s highs near 111.00 could occur.

The support is currently at 110 and if not held, further downside toward this week’s lows at 109.50 might happen. The trend appears neutral as long as the pair remains stuck at the 200DMA.

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