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USDJPY is Trading flat on Wednesday after increased optimism in the markets over a return to normal conditions weighed on the safe havens greenback and Yen. The pair is giving up its gains from the previous session, down 0.22 percent at the time of writing.
Riskier assets remain in demand this week as global equities continue to rise in line with US treasury yields. USDJPY Traders are likely positioning themselves for the upcoming US Federal Reserve FOMC meeting minutes which will bring about some degree of volatility.
However, as it stands, analysts believe the minutes will not reveal any big surprises as most information has already been priced into the market. The expectation is on a dovish tone along with another statement by Powell pledging the use of a full range of tools to combat the economic downturn.
Economic data released by the Japanese Cabinet Office showed a lower than expected drop in machinery orders for the month of March, likely caPPIng the gains on the USDJPY saw earlier today. That said, the 3.6 percent drop in capacity utilization posted on Tuesday remains a mitigating factor over the health of the Japanese economy.
From a technical perspective, USDJPY is Trading within the previous days range, correcting lower after setting a fresh multiweek high. The 107.287 resistANCe turned support level is now close to being tested as selling pressure continues to drive the pair lower.
Upside potential could be envisioned with the 108 channel as a target price. Momentum and RSI remain relatively neutral, indicating more room to move either way for the pair. The long term trend is down, albeit we are seeing signs of a reversal in the short run.
(Chart Source: Tradingview 20.05.2020)
The biggest event for the JPY this week will be the Bank of Japans policy statement on Friday. The USDJPY will likely stand to rise on news of increased monetary stimulus from the BoJ with a status quo on current target interest rates.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - USDJPY
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