USD/JPY: Daily Technical Analysis For April 29, 2014

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The USD/JPY traded higher after the industry data revealed pending U.S. home sales jumped for the first time in nine months in March giving the greenback strength against the Japanese Yen. The dollar firmed after the National Association of Realtors reported that pending home sales jumped 3.4% in March, far surpassing expectations for a 1% gain.


Pending home sales for February were also revised to a 0.5% drop from a previously reported decline of 0.8%.


Intraday bias remains on the upside as a fresh cross of the 21 and 55EMA is seen on the 1hour charts with RSI and Stochastic signaling a bullish confirmation. Demand is expected to 102.708 resistance and a break of it will see price rise to 103.000 psychological zones.


However, caution is advised as the Reserve Bank of Japan is on an all-day Bank Holiday which might wane off volatility in the pair.




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