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USD/JPY has been volatile and corrective at the edge of the 108.50 support area which is currently broken with a strong bearish pressure. After the recent Average Cash Earning report of JPY published last week with better than expected value, JPY gains has been quite impulsive over USD which is expected to continue for a certain period of time. After the Holiday of National Foundation Day in Japan, JPY PPI report was published today as expected at 2.7% decreasing from the previous value of 3.0% which did not quite affect the gains of JPY against USD. Ahead of the upcoming high influencing economic reports of USD this week including Retail Sales, Core CPI, and Building Permits, today, USD NFIB Small Business Index report is going to be published which is expected to increase to 106.2 from the previous figure of 104.9, and FOMC Member Mester is going to speak about the monetary policies and the upcoming interest rate decision which is more likely to have an increase on March 2018. To sum up, JPY is expected to gain over USD for a shorter time period from where USD is expected to start recovering its grounds taking the price much higher in the future having Interest Rate decision pending for the next month.
Now let us look at the technical view. The price is currently residing below 108.50 with an impulsive bearish pressure which is expected to push lower towards the 107 support area from where the price is expected to bounce back with bullish intervention but proper bullish impulsiveness can be observed after the price clears above 108.50 with a daily close. As the price remains below 108.50 the bearish pressure is expected to continue further.
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