USD/JPY (week of 31-04/06)

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Weekly Summary

Dollar/Yen retreats 81 pips from 2 months high .

A bearish end to the trading week, USD/JPY remains in the 109.51 range after starting the week at 109.76 and dropping 25 pips. (Start trading Dollar/Yen at FXTM today).

On the flip side United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

Meanwhile, Japan Household Spending (MoM) (Apr) released yesterday at 11:30 PM is better than expected at 0.1 but down from preceding data of 7.2 according to new data. Japan Household Spending (YoY) (Apr) comes out at 13, above the estimate of 9.3. This is also a step forward from the previous data of 6.2.

In the meantime negative performances are also seen in other symbols, USD/SGD fell to 1.3185, hitting a 3 months low. Dollar/Swiss drops to 0.8947, as it hits a 3 months low. Aussie/Dollar drops to 0.7642, as it hits a 6 weeks low.

Positive performance however can be seen looking at other symbols as after 4 months, EUR/NZD hits a fresh high at 1.701. EUR/AUD hits a new 4 months high at 1.5851.

Jun. 4, 2021

Dollar/Yen drops sharply, losing 77 pips (0.7%)

(23:12) GMT

After starting at 110.29 Dollar/Yen made its largest single-day drop of 77 pips (0.7%) seen recently, trading now at 109.51.

On the flip side United States Crude Oil Inventories published yesterday at 3:00 PM came out at -5.08 million, falling short of the -2.44 million projections and continuing its decline from the previous -1.66 million figure.

Meanwhile, Japan Household Spending (MoM) (Apr) released yesterday at 11:30 PM is better than expected at 0.1 but down from preceding data of 7.2 according to new data. Data for Japan Household Spending (YoY) (Apr) released yesterday at 11:30 PM comes out at 13, beating projections of 9.3 and showing improvement over the preceding figure of 6.2.

In terms of trend indicators, we can see that at 109.63, USD/JPY made an initial breakout below the 5 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that the upper Bollinger band at 110.04, indicating a further downward move might be next. On the other hand note that Dollar/Yen might start to recover soon because it is getting close and is now only 103 pips from support line at 108.48, obviously dipping below it could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions it seems further drawback may be next for Dollar/Yen.

In the meantime negative performances are also seen in other symbols, USD/HKD hits a 3 months low, as it drops to 7.7558.

However positive performance can be seen looking at other symbols as EUR/AUD hits 1.5847, highest price in 4 months. AUD/USD is up 1.14%.

Dollar/Yen started the year by gaining 5.75%. A study of Dollar/Yen's past performance shows that it has been trading sideways for the past 4 months.

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