Fundamental Highlights
The Yen gained some upward traction as investors rushed back into global equities after Fed Chief Powell's optimism about the performance of the local economy, although softer-than-expected Japanese data kept gains at check. Japan February Machine Tool Orders plunged by 29.3% from a year earlier, after printing -18.8% in January, signaling slowing economic growth continues. Earlier this morning, the BSI Large Manufacturing index for Q1 widely missed expectations by -7.3, foreseen at 4.8. This could dent the Yen's current bullish sentiment and could push it back lower
Technical Analysis
The USD/JPY broke back above 111.10 yesterday, but found resistance just below 111.50 (R1) key resistance which is also the 50-day moving average (blue line). If the bears keep price below this level, then we could likely see a pullback towards 111.10 (S1) and even 110.77 (S2).
Support: 111.10 / 110.77
Resistance:111.50 / 112
Chart (H4)
