USD/JPY analysis
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USD/JPY dipped below 113.00 today, but reversed and started to retrace its losses. Now the pair is again below this level and indicators on the four hour time frame had lost directional strength. The price is developing below its moving averages and first resistance is provided by the flat 100-day SMA at 113.06.
This is good for long-term but right now on a wider perspective there is insufficient strength in the USD to drive this forward. Only 4 of the 7 USD pairs against the majors are bullish, which is exactly the ratio for the JPY against the other majors, 4 to 3, so no wonder this is drifting.
As seen on the four hour time frame, the USD/JPY pair is struggling to preserve its early gains. The price is now looking for direction around the flat 100-day SMA and the bearish 20-day SMA. RSI and stochastic remain within negative territories, but both are directionless. There are no obvious signs for upcoming steeper recovery, as the pair will have to accelerate through 113.60 in order to enter into bullish ground, while a break below 112.75 would enlarge the risk toward the downside.
USD/JPY broke below the 100-day and 200-day SMAs, as seen on the four hour time frame and the last one is providing immediate resistance around 112.30 area, as bulls were unbale unable to advance beyond it. RSI and stochastic have corrected from extremely negative territories, but quickly resumed declines and still are developing in oversold territory, keeping the risk towards the downside.
The short-term outlook for USD/JPY remains bearish. On the four hour time frame the price is hovering around the 200-day SMA, but unable to fight it. RSI and stochastic corrected from their extreme oversold territories before resuming their declines, and are back into the seep. A strong recovery above 112.60 would bring back the positive bias, but while staying undecisive around 112.00, the risk leans towards the downside.
fxstrategist
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USDJPY stuck in 55 day EMA
The USDJPY drops to the 55 day EMA around the 112.21 level where it finds a support and consolidates. The bearish trend in the very short-term is still in place, but from the current level, the USDJPY may head in any direction. To the upside, the 113.00 level may act as resistance and to the downside, the 111.00 level may act as support.
The USDJPY drops to the 55 day EMA around the 112.21 level where it finds a support and consolidates. The bearish trend in the very short-term is still in place, but from the current level, the USDJPY may head in any direction. To the upside, the 113.00 level may act as resistance and to the downside, the 111.00 level may act as support.
USD/JPY has recovered today and currently is trading around 112.20. However the sentiment remains bearish as on the four hour time frame the price is developing below the 100-day and 200-day SMAs, both looking for direction. RSI and stochastic have lost upward strength after has coressed their midlines. 111.90 remains risk zone and in case bears return toit, next target is seen 111.50.
USD/JPY retreated from the daily high at 112.39 and currently is hovering around around 112.25. Technical indicators on the four hour time frame had lost directional strength after the early advance today and now are offering silence instead of certain direction.
fxstrategist
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The USDJPY breaks above the 55 day EMA at the 112.18 level, but it may find some resistance at the 113.00 level. Below the 55 day EMA, the pair may find some support at the 200 day EMA, which is currently at the 111.00 level.
USD/JPY falls sharply and is reching new daily low close to 112.00 handle. On the four hour time frame the price is developing below the flat 200-day SMA. Idicators retreated, with the Momentum going to enter into negative territory falling straight from overbought readings and RSI is below its mid-line and showing downward extensiond. Breaking below the support at 111.65, will open doors for further decline towards 111.00.
USD/JPY recovered some ground and currently is trading around 112.20, but keeping levels below the short-term ascendant channel formed by 111.62 and the trend line that marks base figures around 112.40. On the four hour time frame the price is developing below its 100-day and 200-day SMAs, while technical indicators have settled within negative areas and confirming that the risk towards downsides is still actual. Breaking the 111.60 level would be good reason for further declines with next bearish target at 110.37.
