USD/JPY fails to break channel top, remains capped below daily cloud top at 111.82.
Pair breaks 50-DMA support at 111.25, slips below 111 handle, bias lower.
JPY bulls buoyed following the release of solid inflation figures released out of Japan earlier today.
Somewhat less bullish comments from St. Louis Fed President Bullard keeps USD upside in check.
Fed’s Bullard said US macro data have been relatively weak, on balance, since March rate hike.
Momentum studies for the pair are bearish, we see lack of clear directional bias.
Focus now on US GDP, core personal consumption expenditure and durable goods orders data.
Good to go short on close below 50-DMA, target 110.24 (May 18 low)/ 109.86 (200-DMA)
Pair breaks 50-DMA support at 111.25, slips below 111 handle, bias lower.
JPY bulls buoyed following the release of solid inflation figures released out of Japan earlier today.
Somewhat less bullish comments from St. Louis Fed President Bullard keeps USD upside in check.
Fed’s Bullard said US macro data have been relatively weak, on balance, since March rate hike.
Momentum studies for the pair are bearish, we see lack of clear directional bias.
Focus now on US GDP, core personal consumption expenditure and durable goods orders data.
Good to go short on close below 50-DMA, target 110.24 (May 18 low)/ 109.86 (200-DMA)