USD/JPY closes the week under pressure

Here is a snapshot of todays action and what levels to watch out for.

Charts (6)

It was a relatively quiet U.S. trading session in the Forex market on Friday. 

The US Dollar was mixed against all of its major pairs on Friday.  

On the economic data front, the Producer Price Index Final Demand unexpectedly fell 0.2% on month in June (+0.4% expected), from +0.4% in May.

On Monday, the Monthly Federal Budget Deficit for June is expected to be released.     

The Euro was bullish against most of its major pairs with the exception of the JPY. In Europe, there was no major economic data released. 

The Australian dollar was bearish against all of its major pairs.

Regarding FX movers

EUR/USD gained 14 pips to 1.1299.

GBP/USD rose 18 pips to 1.2624.

USD/JPY fell 26 pips to 106.94. 

USD/CHF gained 12 pips to 0.9413. 

AUD/USD declined 18 pips to 0.6946. 

USD/CAD jumped 11 pips to 1.3597. 

Looking at today's largest mover, the USD/JPY might have started a new downtrend capped by a declining trendline after prices broke below a consolidation zone. If 107.10 can hold as key resistance we may see further pressure down to retest 106.65 support. A break above 107.10 would call for a rebound towards 107.36 resistance. 



Source: GAIN Capital, TradingView

Have a great weekend.

More from Forex

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.