USD/JPY: The same old story

Japanese annual inflation stayed at 0.4% in March while the USD/JPY pair continues confined to a tight range around 107.70, lacking directional strength, FXStreet’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“Japan released at the beginning of the day,  national inflation data, which rose by 0.4% in the year to March. The country also released the All Industry Activity Index for February which printed -0.6%. The US session will bring March Durable Goods Orders, seen plunging by 11.9%.”

“The 4-hour chart shows that it retains the neutral stance, as technical indicators continue to hover directionless around their mid-lines, while the pair develops below all of its moving averages.” 

“The 20 SMA converges with a Fibonacci resistance, the 38.2% retracement of it’s March advance at 107.70.”