USD/JPY analysis
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elliot.baker.eb
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This morning at around one am on my IG demo account I observed a "downward triangle breakout" where the price came back up to the bottom of the triangle and "kissed it" (now as a line of resistance). I took this as a sell signal and made a tidy 80 [demo :-( ] pips in about half an hour.
Do people think USD/JPY is destined for further downward movement over the next few days?
Do people think USD/JPY is destined for further downward movement over the next few days?
The US dollar was down against the Japanese Yen on Friday. At the closing of trading session EUR USD / JPY has traded at 102.03, shedding 3.08%. I believe that the support is now located at the level of 101.97, the low of Friday's trading, and resistance is likely at level of 106.73 - a maximum of Monday.
The dollar recorded a losing session against the yen on Tuesday. The US currency continued the negative trend from last week and lost further ground against the yen. As a result, the support at 101.37 was pierced, and if bearish sentiment continues in the future, the pair will test the level at 98.36. The session started at a price of 102.38, the dollar lost 150 pips to the end of the session. Bottom of the day was struck at 100.68.
As expected, the dollar/yen continued its bearish momentum yesterday, bottomed at 100.67. Trading signals remain down to test 100.00. A clear break and daily close below that area could trigger further bearish pressure testing to 98.80. Resistance for the day is 101.50. A clear break above that area could lead price to neutral zone testing 102.00 but overall I still prefer a bearish scenario.
On the 4-hour chart 50-SMA and the 100-SMA show a bearish crossover, and the price moves sufficiently below them and the downward trend line on the daily chart. Oscillator MACD also moves below both its zero and trigger lines suggest strong bearish momentum of prices for the next few hours. In addition, the RSI is oversold, suggesting recent bearish price sentiment. A successful attempt to pass below 100.70 opens the way to a strong support level at 100.00 and then to barrier 99.00.
arigoldman
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USD/JPY higher after upbeat US data.
The US dollar was down against the Japanese Yen on Friday. By the end of trading session USD/JPY was traded at 101.27, shedding 0.68%. I believe that the support is now located at the level of 100.85, the low of Friday's trading, and resistance is likely to be at the level of 102.67 - a maximum of Monday.
arigoldman
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Bearish on this pair.
The US dollar rose against the Japanese Yen on Friday. By the close of trading USD/JPY is traded at 100.21, gaining 0.32%. I believe that support is now at around 99.53, Tuesday's low, and resistance is likely to be at 101.47 - a maximum of Monday.
The Japanese yen is trading at maximum value against the US dollar since the 20th of June. For the whole week it hasn't resolved the issue of the circular level 100. What is the cause? The main reason I highlight, is coming from the authorities, that if the yen fluctuations become too harsh, the Ministry of Finance will have to take drastic measures, and that the probability of easing of monetary policy in the next month, September, is more than 50%. From my point of view, now it can act as sufficiently important reason to start purchases.
Dollar/yen continued downward momentum last week, bottomed at 99.53. The pair was traded higher earlier this morning and hit 100.92. The signals are up for testing 101.15/50 in the near future. A clear break above that area could trigger further bullish pressure testing 102.00, but basically I still prefer a bearish scenario. Immediate support is at 100.30, whose breakthrough could lead the price to neutral zone for testing 90.50.
The yen fell on Thursday during the Asian trading session, after the Corporate Services data showed a larger-than-expected increase, and the market keeps cautious ahead of tomorrow's speech the Fed chairman. USD/JPY was trading at 100.48, gaining 0.03%
The dollar registered a neutral session against the yen on Thursday. The pair traded in a narrow range, the difference between the highest and lowest value for the day was only 32 pips. Trade was open by a rate of 100.43, and the finish line was crossed at a price of 100.53, if the positive momentum from Wednesday continues in future, the couple will overcome the resistance at 101.16.
