FXOpen
The US Dollar (USD) inched lower against the Japanese Yen (JPY) on Wednesday, decreasing the price of USD/JPY to less than 112.50 following the Japan’s industrial production news. The technical bias remains bullish because of a higher high in the recent upside move.
Technical Analysis
As of this writing, the pair is being traded around 112.43. A support may be seen near 112.09, the 23.6% fib level ahead of 112.00, the psychological number and then 110.12, a short-term horizontal support area. A break and daily closing below the 110.12 support shall incite more selling pressure in the long run.
On the upside, the pair is expected to face a hurdle near 113.31, the 50% fib level ahead of 114.19, the upper trendline as demonstrated with brown color in the given above chart and then 115.50, a long term resistance level on daily chart. The technical bias shall remain bullish as long as the 110.12 support area is intact.
Japan Industrial Production
Japan’s industrial production declined less than initially estimated in March, latest figures from the Ministry of Economy, Trade, and Industry showed Wednesday. Industrial production fell 1.9% month-over-month in March instead of a 2.1% decrease reported earlier. In February, production had risen 3.2%.
Shipments dropped 0.8% over the month, slower than the 1.1% decrease seen in the flash data published on April 28. At the same time, inventories grew 1.5%, revised down slightly from 1.6%. On a yearly basis, industrial production growth eased to 3.5% in March from 4.7% in February.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels can be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Gold Price Holds Near Key Support
As the XAU/USD chart shows, the gold price has been holding within the $5,060–$5,200 range over the past several sessions.
Bullish view: the key support is the lower boundary of the long-term channel that has been
EUR/USD Chart Analysis: Pair Rebounds from the Year’s Low
Analysing the EUR/USD chart five days ago, we:
→ constructed a downward channel, noting signs that the bears remained in control;
→ outlined a scenario in which the rate would decline to a new yearly low (and test the lower boundary
Dollar Index (DXY) Hits Yearly High
Today, the dollar index rose above last week’s peak around the 99.68 level, setting a new high for 2026. This movement is supported by a tense fundamental backdrop:
→ Inflationary pressures from rising oil prices. Markets may be pricing