USD/JPY (week of 29-02/04)

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Weekly Summary

After 1 year hiatus, Yen is back at 110.97 levels .

USD/JPY is hesitant but green - from an earlier low of 109.36, USD/JPY is up to 110.67, gaining 88 pips compared to 109.79 at the start of the week (0.81%). (Trade Dollar/Yen with FXTM now).

The dollar/yen shows positive signs, other assets are also on par: EUR/AUD hits a 3 year low, as it drops to 1.5225 The Kiwi hit a 4 month low, as it dropped to 0.689

At the same time, GBP/NZD hit 1.9822, highest rate in 7 months. The Euro/Pound fell to 0.8488, hitting a 1 year low. The Euro/Dollar hit a 5 month and a half low, as it dropped to 1.17

Apr. 2, 2021

New 1 year high for Yen at 110.75

(23:12) GMT

Starting the session at 110.61, USD/JPY rallied above 110.75 for the first time in 1 year, gaining 6 pips, and is now trading at 110.67. (Trade Yen with FXTM now).

This limbo state for the Yen is reflected by market data published as Japan CFTC JPY speculative net positions is released with a new figure of -59,500, This is down from preceding data of -53,500. United States Non Farm Payrolls came out at 916,000, above the estimate of 647,000. This is also a step forward from the previous data of 468,000. The United States Unemployment Rate matches expectations with the new data release of six. This is also a step forward from the previous data of 6.2.

As the day reaches an end, a chart visual study suggests Yen's nearest support level is at 105.04. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Momentum evaluation shows the Relative Strength Index indicates the Yen is in overbought condition, Keep an eye out for a slowdown of gains. However, the upper Bollinger band is at 110.92, indicating a downward move might be next.

Overall, looking at the technical analysis landscape, it seems the Dollar/Yen might be pointing upward in the short term.

Other markets showed mixed performance as a new all-time high for the S&P as it reached 4,020.63. After a 2 year hiatus, pound/yen is back at 153.08 levels. The VIX is down 2.07 points from the beginning of the session and is now trading around 17.33. The NASDAQ is trading around 13,480 after starting the session at 13,247 (up 1.76%).

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