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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 208312, member: 80239"] [JUSTIFY][img]https://i.ibb.co/mDs8K8D/usdjpy-forum-2.png[/img] The US dollar is slightly declining against the Japanese yen in Asian trading, once again trying to consolidate below 129.00. The positions of the American currency are under some pressure after the publication of disappointing macroeconomic statistics last Friday. In addition, traders are in a hurry to close long positions in the asset, fearing a corrective decline in the US government bonds, which retreated from their record highs at the end of last week. The Japanese currency is supported today by the statistics from Japan on producer inflation. Producer Price Index accelerated in April from 0.8% to 1.2%, which turned out to be stronger than analysts' neutral forecasts. The Producer Price Index for corporate goods over the same period YoY strengthened from 9.5% to 10%, while the market expected a slight decline to 9.4%. Last week it became known that Japan and the United States will develop cooperation in the field of research and production of semiconductors. It is predicted that the partnership agreement will be signed during the meeting scheduled for May 23. This will allow Japan to reduce its dependence on supplies from South Korea and Taiwan. In addition, the parties will work on projects in the defense, space, and cyberspace sectors. At the moment, the Japanese government intends to adjust the defense budget, increasing it to 106 billion dollars and bringing it to 2% of Gross Domestic Product against the backdrop of growing geopolitical tensions from China, North Korea and Russia, as well as the escalation of the military conflict in Ukraine. [img]https://i.ibb.co/LxppqBB/usdjpy-1.png[/img] On the D1 chart, Bollinger Bands are gradually reversing horizontally. The price range is narrowing actively, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD is going down preserving a stable sell signal (located below the signal line). At the same time, the current indicator readings weakly correlate with real market dynamics. Stochastic stopped the development of the "bearish" dynamics near the level of "20", indicating the emergence of multidirectional trading in the ultra-short term. To open new positions, it is necessary to wait for the trade signals to become clear. Resistance levels: 129.39, 130.00, 130.79, 131.33 | Support levels: 128.62, 127.5, 127, 126.3 [img]https://i.ibb.co/BcR7N7j/usdjpy-2.png[/img][/JUSTIFY] [/QUOTE]
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