EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
USD/JPY is pressured by resistance
Information is not investment advice
USD/JPY has declined from 111.70 and went into consolidation around 107.50. On the D1, we can see that yesterday’s attempt of bulls to bring the price higher failed: the candlestick has a long upper wick and closed below all the key daily moving averages.
The United States will release ISM Manufacturing PMI at 17:00 MT time on Wednesday, April 1. The release will likely bring the USD in motion. The decline below this week’s low at 107.10 will open the way down to 106.50 (50% Fibo retracement of the March advance). The next level to watch on the downside is at 106.50. Resistance lies at 108.80 and 108.30.
Trade idea for USD/JPY
SELL 107.05; TP 106.50; SL 107.20
With the pandemic claiming about 1000 lives a day in the United States, many departments said they lack the money and the staff to identify people who have been exposed, according to a survey of a 121 local agencies.
The focus is on the ongoing negotiations of the next stimulus bill in the United States, which do not seem to move forward.
Stocks futures rose on Monday, indicating a higher start to the first session of August.