Action Insight Mid-Day Report 5-1-23

Dollar Rises Mildly after ISM, Yen Selloff Continues

Dollar rises against Yen after release of slightly better than expected ISM manufacturing data. But there is no clear pick up in buying against other major currencies. Weakness in Yen remains in the main theme. Overall trading is relatively subdued today, with most markets closed on holiday. But volatility will certain come back with lots of heavy weight events scheduled, including three central bank meetings in RBA, Fed and ECB.

Australian Dollar recovers broadly today as traders await tomorrow's RBA rate decision. Technically, the turnaround in AUD/JPY in the last two days was very impressive. The break of 90.76 resistance, as well as channel resistance, now argues that whole correction from 99.32 has completed with three waves down to 86.04. Further rally is now expected as long as 55 D EMA (now at 89.76) holds. Break of 92.99 structural resistance will be a strong bullish sign. Let's see if RBA could give the cross a hand.

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USD/JPY Daily Outlook

Daily Pivots: (S1) 134.42; (P) 135.49; (R1) 137.38; More...

USD/JPY's rally continues today and intraday bias remains on the upside for 137.90 resistance. Break there will resume whole rebound from 127.20, and target 100% projection of 127.20 to 137.90 from 129.62 at 140.32. On the downside, below 135.13 support will turn intraday bias remains neutral first. But further rally will remain in favor as long as 133.00 support holds, in case of retreat.

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