USD/JPY analysis
- Thread starter inakocibelli
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i think soon it will loose its air but if it convincely close above 113.5 than it is bullish otherwise rangebound or bearish ....
i think soon it will loose its air but if it convincely close above 113.5 than your view is correct and should be followed but other traders also.
USD/JPY jumped to 8-month highs today and reached 113.46. The pair is now holding around its daily high and the situation is suggesting that buyers are willing to keep pushing it higher. Strong static resistance is offered by the 113.90 level, as the pair topped right below the level several times by the end of 2017. The four hour time frame is showing possible another leg higher, as indicators extended their advances within positive territory,with the stochastic nears overbought readings, RSI staying flat around 70 level and the pair is developing far beyond its bullish moving averages.
fxstrategist
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Nice breakout on the USDJPY
The USDJPY breaks above the 113.00 level and reaches the 113.39 level as shown on the daily chart. Its next resistance could be the 114.00 level. In case of a pullback, the 113.00 level could act as support and a breakout-pullback pattern may be formed.
The USDJPY breaks above the 113.00 level and reaches the 113.39 level as shown on the daily chart. Its next resistance could be the 114.00 level. In case of a pullback, the 113.00 level could act as support and a breakout-pullback pattern may be formed.
USD/JPY pushed above 113.50 today as the major equity indexes in the U.S. started to erase the early losses they suffered. The short-term outlook remains bullish, as ont he foru hour time frame the price is consolidating at its recent highs and meanwhile well above bullish 100 and 200 SMA. Indicators have partially corrected overbought conditions but are trying to resume their advances nearby, indicating that buying interest remains strong. Support levels are seen at 113.20, 112.80 and 112.45. Resistance levels are: 113.85, 114.10 and 114.40.
USD/JPY is hovering around 114.00 after had marked yearly high at 114.04. The soft Japanese data, better market mood and the trade deal beatween USA, Canada, and Mexico agreed on a trade deal supported the bullish momentum. Ttechnically speaking the is overbought in the short-term and there are no signs that might turn lower. It looks like consolidation is ahead before a new leg to the upside. Indicators ont he four hour time frame are located within overbought territory and the price is developing above its bullish moving averages. Immediate support is seen at 113.60 and as long as the pair holds above it, bulls will attempt to fight the 114.40 level.
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Bullish momentum on the USDJPY
Excellent rally on the USDJPY, the pair reaches the 114.00 level but the bullish momentun is still on and the price may continue rising. In case of a pullback, the 113.00 level could act as support.
Excellent rally on the USDJPY, the pair reaches the 114.00 level but the bullish momentun is still on and the price may continue rising. In case of a pullback, the 113.00 level could act as support.
USD/JPY failed to extend gains above the 114.00 level today and currently is suffering some modest losses around 113.77. Looking to the upside, a potential decisive break above 114 (daily high), will bring next bullish target at 114.70, followed by 115.00 (the psychological level). The downside offers supports at 113.60 (the daily low), 112.55 and 111.60.
After marking its highest daily close in more than year and a half at 114.53, the USD/JPY pair plumetted and fell to its lowest level for the day at 113.64.On the four hour time frame the price crossed to below the 20-day SMA, which has turned to south, but meanwhile is staying above the bullish 50-day and 100-day SMAs. RSI is looking for direction around its mid-line and stochastic is showing strong bearish momentum. First bearish target is seen at 113.35 and the upside offers immediate resistance at 114.75.
