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USD/JPY has been quite impulsive with the recent bearish momentum after rejecting off the 113.20 with a daily close. The bearish momentum leads the price to fall towards 111.00 where the price has been corrective itself recently with a view of moving lower in the coming days.
USD having quite a tough time competing with JPY to sustain the gain it had earlier in this pair. Ahead of the NFP this week, which is expected to inject certain volatility in the pair, today USD Pending Home Sales report is going to be published which is expected to increase to 0.4% from the previous negative value of -0.5%.
On the other hand, ahead of the BOJ Policy Rate report to be published tomorrow, JPY is expected to gain certain momentum in the process against USD while USD is struggling without many impactful economic events. Today JPY Retail Sales report is published with an increase to 1.8% from the previous value of 0.6% which was expected to be at 1.7%. Despite the positive economic reports, today JPY failed to gain the expected momentum which does indicate the sustainability USD is growing currently ahead of NFP this week.
As of the current scenario, JPY is still expected to continue its momentum lower despite the upcoming NFP report which may lead to certain spikes in the market. As JPY continues to provide better economic reports this week, it is expected continue gaining momentum against USD in the process.
Now let us look at the technical view. The price is currently quite corrective but as it is residing below the dynamic level of 20 EMA while also residing below 113.20 area with a daily close, the price is expected to push lower towards the support area of 108.50-109.20 in the coming days.
RESISTANCE: 113.20
SUPPORT: 108.50 - 109.20
BIAS: BEARISH
MOMENTUM: VOLATILE
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