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11 May 2018

USD/JPY set to turn further away from 110.00

  • The Greenback is turning weak against the Yen as softening inflation figures hobble the USD.
  • A light schedule leaves the pair open to market sentiment to cap off the week.

The USD/JPY is trying to recover in the late Asia session, but bearish pressure remains high and the pair is struggling to hold above yesterday's lows.

The US Dollar waffled against the Yen on Thursday after US CPI figures disappointed, putting pressure on expectations for a fourth rate hike from the US Fed in 2018. The Dollar is continuing to maintain a softer stance heading into the weekend, and the Yen is beginning to price in a significant ceiling for the USD/JPY at the 110.00 major handle.

Data for the remaining Friday sessions is a slim affair, though US trade data from the Export and Import Price Indexes dropping at 12:30. The indicators are low-impact, but with the continued lack of resolution from the US-China trade spat, eyes will be on any figures relating to foreign trade.

USD/JPY levels to watch

Ongoing US Dollar weakness could be on the cards, and as FXStreet's own Valeria Bednarik noted, the pair's technical outlook lends itself to further downside: "according to the 4 hours chart, the pair seems poised to extend its decline, but is still far from bearish, as it holds above bullish moving averages and also above the daily ascendant trend line coming from early April. Technical indicators in the mentioned chart have turned lower, the Momentum still above its 100 level but the RSI within bearish territory, favoring a short-term downward extension. The key here is the 108.80 level, as the pair has formed a small double top at 110.00 with 108.80 being the neckline of the figure."

Support levels: 109.20 108.80 108.50  

Resistance levels: 110.00 110.40 110.85

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