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USDJPY stuck in a range on quiet trading
Forex
04/19/2019

USDJPY stuck in a range on quiet trading

USDJPY flat on Friday and little changed on the weekly charts as trading activity is muted on Good Friday/Easter holiday.

USDJPY flat on Friday and little changed on the weekly charts as trading activity is muted on Good Friday/Easter holiday. The pair made some bullish attempts above the 112.00 handle earlier this week but failed to show a sustained momentum amid the unstable risk sentiment.

The yen ignored better-than expected Japanese CPI figures. March national consumer price index matched expectations of 0.5% increase versus 0.2% earlier, while national CPI ex-fresh food rose to 0.8% from 0.7%. The Japanese currency was also indifferent to the Bank of Japan’s routine bond market operation.

From a technical perspective, the pair needs to hold above the 111.75 intermediate support in order to regain the 112.00 level afterwards. In a wider picture, the downside risks for the greenback are limited as long as the prices are holding above the 200-DMA around 111.50. On the upside, the 2019 high, registered earlier this week, comes at 112.16. USDJPY could challenge this area should risk rally resume, which is unlikely in the short term due to holiday trading.

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