A little bit of profit-taking knocked USD/JPY again right down to final week’s ranges.
Will USD/JPY lengthen its uptrend in the present day?
Earlier than transferring on, ICYMI, yesterday’s watchlist checked out EUR/USD’s Fibonacci retracement ranges for bearish entry alternatives. You should definitely take a look at if it’s nonetheless a sound play!
And now for the headlines that rocked the markets within the final buying and selling periods:
Recent Market Headlines & Financial Knowledge:
New Zealand constructing consents rise by 10.5% in February vs. 8.7% drop in January
UK retailers increase costs by 2.1% in March, the quickest in practically 11 years – BRC
Japan Feb retail gross sales fall by 0.8% in February – the primary decline in 5 months – on Omicron curbs
New Zealand ANZ enterprise confidence improves from -51.8 to -41.9 in March
Swiss KOF main indicator slumps from 105.3 to 99.7 on warfare considerations
Germany declares ‘early warning’ for provide emergency because it prepares shift away from Russian gasoline
European shares slip as bond markets counsel ache for U.S. economic system
Oil rebounds on tight provide, prospects of latest Russia sanctions
U.S. ADP report at 12:15 pm GMT
U.S. ultimate GDP at 12:30 pm GMT
SNB’s quarterly bulletin at 1:00 pm GMT
U.S. EIA crude oil inventories at 2:30 pm GMT
AU constructing approvals at 12:30 am GMT (Mar. 31)
China’s manufacturing and non-manufacturing PMIs at 1:30 am GMT (Mar. 31)
Japan’s housing begins at 5:00 am GMT (Mar. 31)
Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️
What to Watch: USD/JPY
USD/JPY 1-hour Foreign exchange Chart
In case you weren’t watching USD/JPY’s charts, you need to know that USD has been weakening towards JPY because the begin of the week.
Heck, JPY has been strengthening throughout the board previously few days!
One motive may very well be skepticism across the Russia-Ukraine peace talks and considerations over China’s COVID-related lockdowns.
Or it may very well be that the Japanese are repatriating their JPY close to the top of Japan’s fiscal 12 months.
In any case, USD/JPY is now hanging out at 121.50, which was a key inflection level final week. Not solely that, however it’s additionally close to the 61.8% Fibonacci retracement of the final large upswing and the 200 SMA on the 1-hour time-frame!
Bulls who’re betting on USD/JPY going again to its uptrend should purchase at present ranges or put lengthy orders on the first indicators of bullish momentum.
Uncle Sam is printing its ADP report later in the present day and if we see a a lot stronger exhibiting than the 455K internet employment that markets predict, then USD may head again to its month-to-month highs.
Don’t guess the farm on additional USD/JPY energy although!
Germany has simply issued an “early warning” on its gasoline provides because it prepares for Russia probably chopping off its deliveries. China’s official PMIs, due within the Asian session, may additionally weigh on threat sentiment in the event that they miss market expectations.
If we see extra risk-averse market themes, then USD/JPY could lengthen its intraweek downswing and break its uptrend on the 1-hour time-frame.
