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USD/JPY has been impulsively bearish after bouncing off the resistance area of 110.00-60 recently. USD/JPY was trading with bearish bias yesterday due to lack of positive economic reports on the USD side but as there are certain chances of a rate hike announcement this week, USD is expected to recover again in the coming days. Moreover, Yellen's speech on Friday is expected to have strong impact on the current market scenario. Yesterday, Japan's All Industrial Activity index showed a positive value at 0.4% which previously was negative at -0.8% and was expected to be at 0.5%. Though ths report could not quite fulfill the expectations yesterday, it provided support to the Japanese currency, whereas USD had no economic reports or events. Today the HPI report is going to be published in the United States which is expected to have a slight increase to 0.5% from the previous value of 0.4%. Besides, the Richmond Manufacturing Index is expected to decrease to 11 from the previous figure of 14. Today the upcoming US reports are expected to produce minimal effect on the market despite mixed expectations. As of the current scenario, USD is weaker than JPY due to the recent downbeat economic reports whereas the rate hike announcement this week may inject some positive sentiment towards the USD which might lead to recovery against JPY in the future.
Now let us look at the technical view. The price is currently showing some bullish move despite the impulsive bearish price action yesterday. Currently the price is expected to reach the resistance area of 110.00-60 in the coming days before it bounces off again for further bearish pressure with target towards 108.50 support area. On the other hand, if the price breaks above the 110.60 resistance level with a daily close, then we will be looking forward to see another bullish pressure towards 112.30. As the price remains below 112.30 with a daily close, the bearish bias is expected to continue further.
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