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Global macro overview for 28/04/2017

Global macro overview for 28/04/2017:

The National Consumer Price Index (CPI) in Japan declined for the third consecutive month. Market participants expected CPI to stay unchanged at the level of 0.3%, but then data revealed the CPI at the level of 0.2%. So-called core inflation, which strips out volatile food prices, rose by an annualized 0.2% (just as in February). In conclusion, the Bank of Japan has left its interest rate at the level of -0.10% and raised its GDP outlook for the fiscal year 2017-18 from 1.5% to 1.6%. A lack of inflationary pressure will give the BoJ a valid mandate to maintain its highly accommodative approach to monetary policy.

Let's now take a look at the USD/JPY technical picture on the H4 timeframe. The market is still trading in a narrow range between the levels of 110.85 - 111.80, just between the 50 and 38% Fibonacci levels. The momentum is still positive and strong, however, the market trading conditions are overbought. Nevertheless, the bias is still to the upside. If bulls want to extend their control over this market, then they must break out again above the 50%Fibo and head towards the 61% Fibo at the level of 112.68 in impulsive fashion.

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The material has been provided by InstaForex Company - www.instaforex.com