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USD/JPY: Critical support at 106.65

Japan’s April Machine Tool Orders collapsed to -48.3% while the USD/JPY pair is trading around the 50% retracement of its latest daily advance, measured between 106.14 and 107.76, NDDFX’s Chief Analyst Valeria Bednarik briefs.

Key quotes

“Japan published the preliminary estimate of April Machine Tool Orders, which collapsed to -48.3%. March figure was revised to -40.7%, slightly better than the previous estimate of -40.8%.” 

“The US will release today Initial Jobless Claims for the week ended May 8, foreseen at 2.5 million, an improvement from what the country reported in the previous weeks, although still a concerning figure.”

“The risk remains skewed to the downside, with a break below 106.65, the 61.8% retracement of the mentioned advance, opening doors for a steeper decline.”

 

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