Japan's Wholesale Prices Surge 4.9% Year-on-Year, Exceeding Expectations
- Wholesale Price Surge: According to a Bank of Japan report, wholesale prices jumped 4.9% year-on-year in April, exceeding economists' forecast of 3.0% and nearly doubling March's revised 2.9%, indicating a sharp rise in oil and petrochemical import costs driven by the Iran conflict.
- Import Price Spike: Import prices rose 17.5% in April from a year earlier, nearly double the 8.0% pace in March, reflecting soaring crude prices due to the closed Strait of Hormuz and the Iran war, which is driving up costs for Japan's fuel-dependent economy.
- Cost Pass-Through: Japanese manufacturers and retailers are passing cost increases to consumers more rapidly than in previous oil shocks, with prices for petroleum products, chemicals, metals, and food all rising, demonstrating their agility in responding to cost pressures.
- Monetary Policy Outlook: The BOJ held its rate at 0.75% during the April 27-28 meeting, but three dissenters advocated for a hike to 1.0%, and today's 4.9% print supports their position, with market expectations for a June hike now at 74%.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0227 | 0.0281 | 0.034 | 0.0394 | 0.0453 | 0.0507 | 0.0566 |
| Fibonacci | 0.0281 | 0.0324 | 0.0351 | 0.0394 | 0.0437 | 0.0464 | 0.0507 |
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