Technical Analysis: USDJPY

USDJPY climbed to a four-week high

On Tuesday, USDJPY rose steadily. At one point, it reached 159.37, the highest level since 30^th April.

Japan core CPI failed to meet market expectations in April

Japan Core CPI, y/y (April) fell from 1.8% to 1.4% Vs. 1.7% (forecast), according to the data from the Ministry of Internal Affairs and Communications.

The USDX was prone to fluctuation and rose

On Tuesday, the USDX was prone to fluctuation and climbed. It ended up 0.18% at 99.15.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USDJPY rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USDJPY will rise further. Investors should focus on whether USDJPY will break through the resistance at 159.5. It will climb with potential resistance at 160.7 if it breaks above 159.5.

4-hour chart

On the 4-hour chart, USDJPY was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USDJPY will break through the support at 159.0. It will climb further if it retreats but is stable above 159.0.

Key resistance: 159.5,160.7

Key support: 159.0，158.6

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as USDJPY retreats during the day.