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

Dollar - Japanese Yen Analysis Analysis Technical analysis 16/05/2024

Time Frame: 1 hour

USDJPY Support & Resistance Table – 16/05/2024

Support & ResistanceLevelExplanation
Resistance 2154.68Daily R2
Resistance 1154.37Daily R1
Support 1153.57Daily S1
Support 2153.26Daily S2

USDJPY Indicator Table – 16/05/2024

SMA 20Sell
SMA 50Sell
SMA 100Sell
MACD( 12;26;9)Neutral
RSI (14)Buy
Stochastic ( 9;6;3)Buy

USDJPY Indicator / Period Table – 16/05/2024

Indicator / PeriodDay – SellWeek – BuyMonth – Buy
MACD( 12;26;9)NeutralBuyBuy
RSI (14)BuyBuyBuy
SMA 20SellBuyBuy

USDJPY 16/05/2024 – Reference Price : 154.08

SELLSimple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (2)Sell (0)

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