Technical analysis of USD/JPY for April 22, 2014

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Show full picture Overview: USD/JPY is expected to consolidate with bullish bias after hitting the two-week high at 102.71 on Monday. It is underpinned by the weaker yen sentiment after Japan March trade deficit came in wider than expected at Y1.45 trillion (versus Y1.07 trillion forecast), yen-funded funded carry trades amid positive risk appetite (VIX fear gauge eased 0.82% to 13.25) as Wall Street rose overnight (S&P 500 closed 0.38% higher at 1,871.89); positive dollar sentiment (ICE spot dollar index last 79.95 versus 79.85 early Monday) on higher U.S. stocks and stronger-than-expected 0.8% rise in U.S. Conference Board leading economic index to 100.9 in March (versus +0.7% forecast), higher U.S. Treasury yields and demand from Japan importers. But USD sentiment are dented…


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