USD/JPY analysis

[inakocibelli]

The fell to the lowest levels in two weeks against the dollar, after Japan’s finance minister warned that Tokyo was prepared to intervene in the foreign exchange market if necessary.
Demand for the dollar was underpinned after New York Federal Reserve President William Dudley said Friday that it was reasonable to expect 2 rate hikes this year, despite data showing the U.S. job growth increased at the slowest rate in 7 months in April.
The RSI is located between the number 50 & 70 which indicates a bullish trend, with an important Fibonacci (38.2%) located right at our entry point.
The pair is reaching near supply area on the one hour chart at 108.320, with a stop at 108.000 and first target located at 110.000. At the moment we reach our first target I will take half my profit and continue to target two at 110.750.

 

[idimitrov]

The US dollar was down against the Japanese Yen on Friday. At the end of the trading session USD/JPY was trading at 102.48, shedding 0.73%.

 

[deresel]

USD/JPY: Key levels to watch for Monday:
Support: 101,37;
Resistance: 103,39.

 

[idimitrov]

The most probable movement of the USD/JPY is falling to the 100.00-101.00 zone, and as a major resistance level will perform the 103.50 zone. An alternative view - the possible growth of the pair to the level of 106.30. At the same time, we must remember that the USD/JPY is now at Pivot Point level of the first half of 2014 year, and perhaps for some time it will follow along this line.

 

[deresel]

The US dollar remarked modest decrease against the Japanese Yen on Monday. The pair remained almost unchanged and lost only 7 pips. The graphics continue to develop under moving averages, while the index of relative strength remain on neutral territory. The outlook remains neutral in the short term, levels at 101.20 and 103.70 retain their key role.

 

[tomorton]

Neutral in the short term? How short do they mean?

 

[idimitrov]

The US dollar recorded solid growth versus the yen on Monday, broke a six-day negative series and nearly recouping its losses. The dollar added almost 220 pips to a closing price of 102.77 after trading in the 102.88 and 100.52. Price overcame the mean values and the index of relative strength added significant positions, suggesting additional gains.

 

[deresel]

On Tuesday, the dollar falls against other major currencies as investors shifted attention to the forthcoming meeting of global central banks on expectations of additional stimulus measures from their side.
USD/JPY pair rose to 104.89, the highest value since June 24.

 

[tomorton]

So what, guys?

 

[volfixtrader]

So what, guys?

Big accumulation of volumes which was accumulated during 2014 became resistance. To break it we should have a lot of purchasings.

 

[deresel]

Trading sentiments for the pair USD/JPY today: to buy above 103.60 with targets 105.30 and 106.10 points. Alternative scenario: The downside breakout of 103.60 will open the way to 102.85 and 102.45.

 

[idimitrov]

USD/JPY has risen more than 4% over the past three days, noting a new three-week high on a psychological level of 105.00. Probably, the currency will return to the support level 103.40, and then move down to 101.25. An alternative scenario would be a successful break of strong resistance level of 105.00 at the top, which will open the way to 106.80 resistance level.

 

[idimitrov]

Perhaps the market is too aggressive in their expectations regarding the "helicopter money"? Incentives will come, but when? JPY crosses are in risk to form a top, if interest in safe assets, which was active after Brexit, did not return.

 

[deresel]

The US dollar was down against the Japanese Yen on Friday. By the end of the trading session USD/JPY is traded at 104.83, shedding 0.47%. I believe that the support is now located at around 100.42, Monday's low, and resistance is likely to beat the level of 106.31 - a maximum of Friday's trading.

 

[csc2009]

UJ is challenging 106.00 level, further gains might be expected as the Japanese government prepares for easing.

 

[fxstrategist]

Usdjpy

The USDJPY is around the 105.41 level, but it may continue towards the 107.00 level. To the downside, the 104.00 may act as support.

 

[arigoldman]

Bearish on this.

 

[dianajs]

The pair is moving to the downside and I doubt that drop will end before USD/JPY reaches 105.30, or it might even reach 104.60, which is (EMA)89 on the four-hour time frame.

 

[arigoldman]

Bearish on the pair.

 

[deresel]

There were high expectations that the Bank of Japan will expand monetary stimulus. According to some forecasts the regulator will emerge fiscal stimulus, but the Bank of Japan will prefer to wait and study the special budget plan to be drawn up in the coming weeks.
If the expansion of monetary stimulus occurs, it will give direct support for banks. The bank at this stage see a number of obstacles and I doubt that there will be something soon.
Since the Bank of Japan may disappoint the markets, we should be cautious in terms of sales of USD/JPY, as a fiscal stimulus should support the pair.
Ideally, decline to 104.00-50 yen would be an excellent opportunity for opening long positions.