USDJPY Daily Outlook 26-06-20 – On Thursday we found out that the U.S. Initial Jobless Claims came in Worse Than Forecast for the Second Week, the U.S. GDP fell at a 5% rate in the first quarter, and the worse is likely on the way, U.S. trade deficit in goods widened, but core capital goods orders rebound in May… so it’s not all doom and gloom. The UK Retailers remain pessimistic over near-term outlook though as per the CBI survey.
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On Friday we’ll be eying the US PCE price index and Michigan consumer sentiment.
Today I’m looking at the USD/JPY pair which didn’t do as badly as you’d think and bounced back off the pivot level of 106.45 on Wednesday while remaining below the Ichimoku cloud, stroking its lower band on the daily chart. The future Ichimoku cloud has turned bearish while moving up so it looks like we may be in it for another round of range trade capped at 107 and 109 in the medium term.
Are you bullish on the USD/JPY pair or do you think it’ll break below the 106 level soon? Head over to the comments section and let me know.
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