During today’s Asian trading hours, the US Dollar saw a decline against the Japanese Yen, falling below the 155.000 mark. This movement coincides with Japan’s latest GDP figures, which fell short of expectations, registering a contraction of 0.5% compared to the anticipated 0.3% decline. This economic setback has influenced the Yen’s strength against the Dollar as market participants reassess the economic outlook for Japan.
In the United States, the focus shifts to the labor market, with the release of the Initial Jobless Claims data eagerly awaited. This indicator is pivotal as it provides insights into the employment trends that could influence Federal Reserve policies moving forward.
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Technical analysis
Time Frame: 1 hour
USDJPY Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 154.68 | Daily R2 |
| Resistance 1 | 154.37 | Daily R1 |
| Support 1 | 153.57 | Daily S1 |
| Support 2 | 153.26 | Daily S2 |
USDJPY Indicator Table – 16/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
USDJPY Indicator / Period Table – 16/05/2024
| Indicator / Period | Day – Sell | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Neutral | Buy | Buy |
| RSI (14) | Buy | Buy | Buy |
| SMA 20 | Sell | Buy | Buy |
USDJPY 16/05/2024 – Reference Price : 154.08
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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