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USDJPY Marked Update

4/21/2023 12:52 PM

Against the background of stable dynamics of the American currency, the USD/JPY pair is correcting at 133.89.

Yesterday, the yen was supported by macroeconomic data, according to which the volume of Japanese exports in March rose by 4.3%, while imports grew by 7.3%, due to which the trade balance deficit decreased to -1.21T yen from -1.25T in the month previously. Another positive piece of news was that the rate of change in inflation remained stable, which increased by 0.4% in March, ensuring that the national core consumer price index remained at 3.1%, as analysts had predicted. The service PMI fell to 54.9 points from 55.0 points earlier but this did not put serious pressure on the currency.

The US dollar is trading at 101.500 in the USD Index, the same as at the beginning of the week, despite the slowdown in the real estate and labor sectors. Thus, the number of initial applications for unemployment benefits increased to 245.0K from 240.0K earlier, and sales in the secondary housing market in March fell to 4.44M from 4.55M a month earlier, against which the index of leading indicators adjusted by –1.2% from –0.5% earlier, influencing the national currency.

On the daily chart, the trading instrument is moving in a corrective ascending corridor, rising toward the resistance line at 139.80.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are above the signal line, holding a stable swing range, and the AO histogram is forming upward bars in the buying zone.

Resistance levels: 135.10, 137.80. | Support levels: 132.70, 129.60.

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