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USDJPY

USDJPY grinds higher inside five-month-old bearish triangleUSDJPY marked the first negative weekly close in four despite Friday’s gains. Following that, the Yen pair remains inside an ascending triangle bearish chart formation comprising multiple levels marked since early December 2022. That said, the RSI and MACD conditions also signal a continuation of the recent rebound within the stated triangle. With this, the top line of the aforementioned chart formation, close to 137.80 at the latest, gains the market’s attention, a break of which could defy the bearish pattern and can propel prices towards the 61.8% Fibonacci retracement of October 2022 to January 2023 downside, at 142.50. It should be noted that the 140.00 round figure can act as an intermediate halt during the anticipated rise whereas a successful rise past 142.50 won’t hesitate to aim for the 78.6% Fibonacci retracement level surrounding 146.70. Meanwhile, the 100-DMA joins the 23.6% Fibonacci retracement level to provide strong short-term support within the triangle around 132.80. Following that, the triangle’s lower line, close to 131.90, will be crucial to watch as a clear break of the same could confirm the theoretical fall towards 121.00. While chasing the said target, the lows marked during January 2023 and May 2022, respectively near 127.20 and 126.30, may act as intermediate halts. However, the USDJPY pair’s weakness past 121.00 could witness multiple supports around the 120.00 psychological magnet. Overall, USDJPY is likely to decline further as Fed vs. BoJ divergence eases. Though, a clear downside break of 131.90 becomes necessary to convince bears.
by MTradingGlobal
USDJPY Head & Shoulder Neckline Breakout level @ 133.0USD/JPY struggles for a firm direction, stuck in a range around 133.00 mark Growing worries about a deeper global economic downturn drive some haven flows towards the Japanese Yen (JPY), which, along with the prevalent US Dollar (USD) selling bias, act as a headwind for the USD/JPY pair. It is worth recalling that the International Monetary Fund (IMF) trimmed its 2023 global growth outlook on Tuesday, citing the impact of higher interest rates. Furthermore, the mixed Chinese trade data released earlier today adds to worries that the post-COVID recovery in the world's second-largest economy is losing steam.
by vishalfxfx
USDJPY rebound appears unimpressive below 133.80USDJPY reverses the early-month losses by keeping the bounce off a nine-week-old ascending support line. That said, the RSI and MACD oscillators also suggest the gradual building of upside momentum. However, a downward sloping resistance line from early March, around 132.65-70, followed by the 200-SMA level of 133.80, appears short-term key hurdles to challenge the Yen pair buyers before giving them control. Following that, an area comprising multiple levels marked in March, around 135.10-25, could test the north run before signaling the run-up towards the yearly high marked the previous month around 137.90. On the contrary, USDJPY pullback remains elusive until the quote stays beyond a two-month-old ascending support line, close to 130.90 at the latest. Also acting as short-term key support is the 130.00 round figure. It’s worth noting, however, that the Yen pair sellers need validation from the 129.80-60 region before taking control. In that case, the pair can easily challenge the yearly low marked in February at around 128.00. Overall, USDJPY lures buyers but the upside momentum remains elusive below 133.80.
by MTradingGlobal
USDJPY attracts bullish bias till it stays above 131.00USDJPY marked the first weekly gain in five while luring bulls to cross the 100-bar Exponential Moving Average (EMA). The upward trajectory could also be witnessed by a one-week-long ascending trend channel, as well as a successful break of a downward-sloping trend line from early March. The RSI retreat, however, challenges the Yen pair buyers of late. That said, the 100-EMA and the stated channel’s lower line, respectively around 132.60 and 132.10, restrict the quote’s short-term downside. It should be noted that a three-week-long previous resistance line, around 131.00 by the press time, appears the last defense of the bulls. On the other hand, the stated channel’s top line, close to 133.90, caps the immediate upside of the USDJPY pair. Following that, the mid-March high of 135.10 and the late February swing low surrounding 135.25-30 can check the pair buyers. In a case where the Yen pair buyers hold the reins past 135.30, the odds of witnessing a fresh Year-To-Date (YTD) high, currently around 137.90, can’t be ruled out. Overall, USDJPY is back on the buyer’s radar after a four-week absence. The bulls, however, have a bumpy road towards the north.
by MTradingGlobal
USDJPY drops within falling wedgeUSDJPY struggles to defend the first positive week in five, grinding lower inside a falling wedge bullish chart formation. It should be noted that the bullish MACD signals and upward-sloping RSI (14) line, not overbought, keep buyers hopeful despite the latest weakness of the Yen pair. However, a sustained break of the 50-SMA hurdle surrounding 131.85 becomes necessary for the Yen pair buyers to retake control. Following that, the 200-SMA and the monthly high, respectively near 134.00 and 137.95, could probe the quote’s advances during the run-up to achieve the theoretical target of around 139.85. On the flip side, an ascending support line from mid-January, near 130.60 at the latest, restricts the short-term USDJPY downside, if the Yen pair defies the latest bullish breakout by dropping back below the 131.40 resistance-turned-support. In a case where the pair remains weak past 130.60, the 130.00 round figure and the latest swing low around 129.70 may entertain sellers before challenging them by the stated wedge’s lower line, close to 129.20. It should be noted that the quote’s weakness past 129.20 makes it vulnerable to declining toward the yearly low of 127.21, marked in January. Overall, USDJPY consolidates the monthly losses and is likely to regain the buyer’s confidence in the next month.
by MTradingGlobal
USDJPY bears appear tiring as the Fed week beginsUSDJPY marked the biggest weekly loss since early January despite trading within a one-week-long descending triangle. Apart from the bullish chart formation, sluggish MACD and nearly oversold RSI (14) also challenge the Yen pair sellers. That said, the stated triangle’s bottom line, around 131.40, acts as immediate support for the bears to watch before targeting the 78.6% Fibonacci retracement level of the February-March upside, near 130.15. In a case where the quote remains bearish past 130.15, and also breaks the 130.00 round figure, the odds of witnessing a slump towards the lows marked in February and January, respectively near 128.00 and 127.20, can’t be ruled out. Meanwhile, a sustained break of 132.60 offers a bullish chart confirmation, which in turn suggests a theoretical target of 136.50. However, the 200 and 100 SMAs, respectively around 133.80 and 135.30, could test the USDJPY buyers. Following that, the theoretical target of 136.50 and a previous support line from early February, near 137.70, could lure the pair buyers. Overall, USDJPY is likely bracing for recovery but the stated triangle’s resistance line, as well as the key SMAs could challenge the run-up.
by MTradingGlobal
USDJPY attracts bears but 200-SMA is the key supportUSDJPY marked a second consecutive weekly loss, as well as broke an ascending trend channel, as BoJ Governor Haruhiko Kuroda departs after the decade-long workmanship. The bearish break also gains attention as the quote slips beneath the 100-SMA for the first time in more than a month. However, the nearly oversold RSI and 200-SMA, around 133.30 at the latest, challenge the Yen pair’s further downside. Following that, the 50% Fibonacci retracement level of February-March advances, near 132.90, acts as the last defense of the buyers before directing sellers towards the 130.00 round figure, as well as the February 10 swing low surrounding 129.80. Meanwhile, USDJPY recovery remains elusive unless the quote remains below the 135.65-70 resistance confluence, including the 100-SMA and the aforementioned channel’s lower line. Should the Yen pair manage to remain firmer past 135.70, the 137.00 could test the bulls before highlighting the monthly high of 137.90, the stated channel’s top line, near 139.10, and the 140.00 psychological magnet. Overall, USDJPY is on the bear’s radar and is likely to decline further but the 200-SMA may test the further downside momentum.
by MTradingGlobal