USD/JPY hovers around 134.30s as traders eye Japanese and US PMIs, US housing data USDJPY Majors Macroeconomics Technical Analysis
The latest US inflation data triggered the last week’s USD/JPY rally from 131.50 to 135.00.fluctuated in Monday’s session as US financial markets remained closed during President’s Day. US equity futures are negative, except for the Dow Jones Industrial Average. The US Dollar continued to trend lower, while US Treasury bond yields capped the USD/JPY fall. The USD/JPY is trading at 134.23, above its opening price by 0.07%.
Last week’s US inflation data in the consumer segment showed some slowing down. Prices paid by producers, also known as PPI, rose above estimates and the previous month’s reading on a monthly basis. Therefore, traders shifted from a risk-on to a risk-off environment, as traders expect a more hawkish than estimated US Federal Reserve .
The USD/JPY uptrend lost steam as it formed an inverted hammer near the peak at around 135.00. Buyers’ failure to hold to the latter exacerbated a retracement below the 100-day EMA at 134.72, opening the door to consolidate within the important 200-day EMA at 133.77 and 134.70, a 100 pip range. The Relative Strength Index shifted falt though at bullish territory, signals that buyers are taking a respite, while the Rate of Change , is almost unchanged.
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