USDJPY: bullish breakthrough is possible
USDJPY remains in a limited range this week, with the 111.00 figure continues to act as the key resistance. The pair dipped marginally yesterday amid investor optimism over the US-China trade talks and another portion of weak economic data from the US. On Friday, the dollar is trying to resume growth but lacks the impetus against the backdrop of mixed investor sentiment across the globe.
The overall hope that the US and China will finally conclude a trade deal keeps riskier assets afloat and caps the safe-haven yen demand. On the other hand, lack of details on progress in negotiations deprives investors of enthusiasm.
On the data front, Japan’s January headline CPI rose 0.2% against 0.3% in the previous month. The national CPI ex-food came in at 0.8%, in line with market consensus versus 0.7% earlier. Despite the consumer price growth accelerated, the index is still far from Bank of Japan’s 2% target, which highlights the fragility of the recovery process.
Technically, the USDJPY pair struggles to get back above the 111.00 resistance. A break of which could open the way to the 200- and 100-DMAs at 111.30 and 111.50 respectively. A bullish breakthrough in the near term is possible if some obviously positive details and comments come from Washington, where the trade negotiations continue.
The overall hope that the US and China will finally conclude a trade deal keeps riskier assets afloat and caps the safe-haven yen demand. On the other hand, lack of details on progress in negotiations deprives investors of enthusiasm.
On the data front, Japan’s January headline CPI rose 0.2% against 0.3% in the previous month. The national CPI ex-food came in at 0.8%, in line with market consensus versus 0.7% earlier. Despite the consumer price growth accelerated, the index is still far from Bank of Japan’s 2% target, which highlights the fragility of the recovery process.
Technically, the USDJPY pair struggles to get back above the 111.00 resistance. A break of which could open the way to the 200- and 100-DMAs at 111.30 and 111.50 respectively. A bullish breakthrough in the near term is possible if some obviously positive details and comments come from Washington, where the trade negotiations continue.
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