A clear downside break of the 100-DMA, as well as a daily closing below July’s peak, keeps USDJPY sellers hopeful. However, a convergence of the 61.8% Fibonacci retracement level of the May-October upside and an upward-sloping support line from May 24, around 136.00, appears a tough nut to crack for the bears. Following that, a slump toward the 200-DMA support of...
USDJPY poked the year 1998 high on Thursday while piercing a weekly resistance line, staying near the immediate resistance line of late. That said, the RSI is overbought as the pair struggles with the 24-year high near 147.70, which in turn suggests hardships for the further upside move. If the quote crosses the 147.70 hurdle, its run-up towards an upward-sloping...
Last Thursday was an incredibly volatile trading session for the USD/JPY . This volatility was largely caused by the Bank of Japan's (BoJ) intervention in the currency markets to defend its depreciating currency, the Japanese Yen. Last week’s move was the first time since 1998 that the BoJ had intervened. There are some parallels between 1998’s intervention and...
USDJPY has been navigating inside the 300-pip trading range at a 24-year high in the last three weeks. Despite the yen pair’s latest inaction, the lower low on prices joins the lower bottom on the RSI (14), which in turn joins firmer MACD to keep the buyers hopeful. However, a clear upside break of 144.75, comprising the 78.6% Fibonacci Expansion (FE) of the...
Despite the latest pullback from a 24-year high, the USDJPY remains inside a five-month-old megaphone formation suggesting a further widening of the uptrend. Even so, the overbought RSI (14) suggests a pullback of the yen pair, which in turn highlights a two-month-old horizontal support area surrounding 134.00-134.40. Following that, the 50-DMA and 100-DMA could...
USDJPY bounced off 131.25-50 horizontal support area despite multiple failures to cross the 50-DMA, not to forget the monthly resistance line. The recovery moves, however, appear to lack support from the oscillators, which in turn suggests another play of inability to cross the aforementioned key hurdles. Even if the quote manages to cross the one-month-old...
USDJPY sustains upside break of a weekly resistance line, now support around 134.85, as bulls brace for the fresh multi-year high, currently around 136.70. In doing so, the yen pair could aim for the 61.8% Fibonacci Expansion (FE) of May 24 to June 16 moves, near 137.20. However, a convergence of the 78.6% FE and the upper line of the monthly bullish channel, near...
A clear downside break of the fortnight-old support line, favored USDJPY bears in the last few days. However, a convergence of the 100-EMA and 38.2% Fibonacci retracement of May 24 to June 14 upside, around 132.00, seemed to have triggered the latest rebound. Also acting as short-term key support is a horizontal area comprising tops marked during late April and...