JPY  – The yen continues its range-bound trading, offering profit-taking opportunities

The USD/JPY pair has been trading within a high range in recent months, finding support around 157.50 and facing resistance near the 160 level. The pair is expected to continue its range-bound trading. Near-term supporting levels are initially seen at 158.60 and 158.20. Based on the Fibonacci retracement level, the 38.2% Fibonacci retracement is at 156.90, while the 50% and 61.8% retracement levels are at 156 and 155.10, respectively. Near-term resistance levels to watch are initially at 159.50 and 160, followed by 160.60 and 161.50.

Forcasted range:

Resistance: 159.50 - 160.00* – 160.60 - 161.50

Support: 158.60 - 158.20 – 157.50 - 156.90 – 156.00 – 155.10

Key Focus:
Wednesday: Japan March Trade Data (07:50)

Thursday: Japan April PMI (08:30)

Friday: Japan March CPI (07:30)

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