Is the USD/JPY set to breakout to new yearly highs, reaching above 112?

May 07,2019 20:20   Source:Admiral Markets
<p><a href=""><img style="width:auto;" class="img-responsive" src="" style="" alt="Economic events calendar" rel=""></a></p><p><em>Source: Economic Events April 22, 2019 - </em><em><a href="">Admiral Markets' Forex Calendar</a></em></p><p><br></p> <p>Despite the expectation that volatility in Forex markets should stay low due to most European markets still being closed for Easter, the USD/JPY nevertheless seems worth a deeper look. </p><p>The currency pair stabilised around 112.00 last week, only slightly below its current yearly high around 112.20.</p><p>This comes as a surprise after <a href="">Gold finaly broke its head-shoulder neckline</a> last Tuesday, while 10-year US Treasury yields keep recovering from their 2019 lows of around 2.35% marked in March. </p><p>But with volatility in US equities dropping, and a data set from the Existing Home Sales today is expected to be strong (which seems definitely possible after last month's data, which indicated a surge of 11.8% from the previous month, to a seasonally adjusted annual rate of 5.51 million in February of 2019 - making for the highest reading in eleven months, and the biggest monthly rise since December 2015), a break above 112.20 seems a serious option.</p><p>If this break happens and turns out to be sustainable, further gains up to 114.50/115 in the days to come becomes very likely, while only a drop back below the April lows around 110.80 would negate the bullish outlook: </p><p><a href=""><img style="width:auto;" class="img-responsive" src="" style="" alt="USD/JPY Index 4 hour chart" rel=""></a></p><p><em>Source: Admiral Markets </em><a href=""><em>MT5</em></a><em> with </em><a href=""><em>MT5-SE Add-on</em></a><em> USD/JPY 4-hour chart (between February 5, 2019, to April 19, 2019). Accessed: April 19, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of the USD/JPY increased by 13.7%, in 2015, it increased by 0.5%, in 2016, it fell by 2.8%, in 2017, it fell by 3.6%, in 2018, it fell by 2.7%, meaning that after five years, it was up by 4.1%. Click on the banner below to download MetaTrader 5, and begin trading today!</p><p><a href=""><a href=""><img style="width:auto;" class="img-responsive" src="" style="" alt="Download MetaTrader 5 and begin trading today!" rel=""></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:</em></p><ol><li>This is a marketing communication. 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