USD/JPY Stuck In A Range On Quiet Trading

The USD/JPY pair was flat on Friday and was little changed on the weekly charts. Trading activity is muted on Good Friday/Easter holiday. The pair made some bullish attempts above the 112.00 handle earlier in the week but failed to show a sustained momentum amid the unstable risk sentiment.

The yen ignored better-than-expected Japanese CPI figures. March national consumer price index matched expectations of 0.5% increase versus 0.2% earlier, while national CPI ex-fresh food rose to 0.8% from 0.7%. The Japanese currency was also indifferent to the Bank of Japan’s routine bond market operation.

From a technical perspective, the pair needs to hold above the 111.75 intermediate support in order to regain the 112.00 level afterward. In a wider picture, the downside risks for the greenback are limited as long as the prices are holding above the 200-DMA around 111.50. On the upside, 2019 high, registered earlier this week, comes at 112.16. USD/JPY could challenge this area should risk rally resume, which is unlikely in the short term due to holiday trading.

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