USD/JPY: Bulls are dissolving

USD/JPY trades near its daily low, with a firm bearish tone in the short-term, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“Japan published its March unemployment rate, which ticked higher to 2.5% as expected while the US will publish March Trade Balance, and the CB Consumer Confidence index, seen at 88.3 from 120.0 previously.”

“The 4-hour chart shows that the USD/JPY pair is accelerating south below all of its moving averages, with the 20 SMA gaining downward strength.” 

“Technical indicators turned lower and maintain their bearish momentum below their midlines, in line with further declines ahead.”