The Japanese Yen Finds Support In Mid-Week Trading

• 30 May 2018

USD/JPY

The Dollar has come under pressure in the last week. Price action has broken the low price SMA to the downside and is testing the 108.53 price level. At the same time, momentum indicators have a downward trajectory and MACD is close to breaking the zero line.

Impact event: U.S. GDP data will be released at 15:30 GMT+2 and will impact all U.S. Dollar pairs.

CAD/JPY

The CAD/JPY pair is testing the 83.31 price level after having pierced the lower Bollinger band. The pair is reaching oversold conditions indicating there is potential for a reversal. A break of the zero line on MACD may suggest there will be further downside for the pair.

Impact event: Bank Of Canada Interest Rate Decision will be announced at 17:00 GMT+3 and will impact all CAD pairs.

CHF/JPY

The CAD/JPY pair has broken the low price SMA to the downside. Momentum indicators confirm the bearish bias as MACD has rejected the zero line and moved into more negative territory.

GBP/JPY

The GBP/JPY pair has broken the lower Bollinger band to move into oversold conditions, which is also confirmed by RSI hitting the 30 support level. MACD has extended the move into bearish territory which may suggest further downside for the pair.