Yen Selloff Resumes as BoJ Maintains Dovish Bias, Gold Extending Decline
Action Insight Daily Report 4-28-22

Yen Selloff Resumes as BoJ Maintains Dovish Bias, Gold Extending Decline

Yen falls broadly in Asian session today after BoJ stands pat and even maintains a dovish bias. 10-year JGB yield also tumbles after BoJ reiterates the pledged to defend the cap. Dollar, on the other hand, rises broadly, and it's trading as the strongest one for the week so far. Euro and Sterling are the worst performers for the moment but selloff is picking up in Aussie and Kiwi too.

Technically, Gold's decline finally resumed with some conviction. Fall from 1998.23 is seen as the third leg of the pattern from 2070.06 high. Deeper decline is expected as long as 1911.07 minor resistance holds. Next target is 100% projection of 2070.06 to 1889.79 from 1998.23 at 1817.98. The development affirms broad based strength in Dollar.

In Asia, at the time of writing, Nikkei is up 1.52%. Hong Kong HSI is up 1.22%. China Shanghai SSE is up 0.25%. Singapore Strait Times is up 0.19%. Japan 10-year JGB yield is down -0.0252 at 0.225. Overnight, DOW rose 0.19%. S&P 500 rose 0.21%. NASDAQ dropped -0.01%. 10-year yield rose 0.046 to 2.818.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

USD/JPY Daily Outlook

Daily Pivots: (S1) 127.39; (P) 127.99; (R1) 129.03; More...

USD/JPY's up trend resumed by breaking through 129.39 temporary top and intraday bias is back on the upside. Immediate focus is now on 130.04 long term projection level. Sustained break there will carry larger bullish implications. Next near term target is 61.8% projection of 121.27 to 129.39 from 126.91 at 131.92, and then 100% projection at 135.03. On the downside, break of 126.91 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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22:45 NZD Trade Balance (NZD) Mar -392M -648M -385M -691M
23:50 JPY Industrial Production M/M Mar P 0.30% 0.50% 2.00%
23:50 JPY Retail Trade Y/Y Mar 0.90% 0.40% -0.80% -0.90%
01:00 NZD ANZ Business Confidence Apr -42 -41.9
01:30 AUD Import Price Index Q/Q Q1 5.10% 7.10% 5.80%
03:00 JPY BoJ Interest Rate Decision -0.10% -0.10% -0.10%
05:00 JPY Housing Starts Y/Y Mar -0.50% 6.30%
08:00 EUR ECB Economic Bulletin
09:00 EUR Eurozone Economic Sentiment Indicator Apr 107.6 108.5
09:00 EUR Eurozone Industrial Confidence Apr 9.3 10.4
09:00 EUR Eurozone Services Sentiment Apr 12.7 14.4
09:00 EUR Eurozone Consumer Confidence Apr F -16.9
09:00 EUR Eurozone Business Climate Apr 1.67
12:00 EUR Germany CPI M/M Apr P 1.70% 2.50%
12:00 EUR Germany CPI Y/Y Apr P 7.30% 7.30%
12:30 USD Initial Jobless Claims (Apr 22) 178K 184K
12:30 USD GDP Annualized Q1 P 1.00% 6.90%
12:30 USD GDP Price Index Q1 P 6.00% 7.10%
14:30 USD Natural Gas Storage 39B 53B