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USD/JPY_SPT - USD/JPY

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USDJPY_SPT trade ideas

USDJPY is ready to refresh five-year highA clear upside break of 20-DMA enables USDJPY bulls to challenge the two-month-old horizontal resistance area, surrounding 115.50-60. Following that, the monthly peak, also the highest levels since January 2017, near 116.35, will be in focus. Although RSI conditions may provide headwinds to the yen pair around the multi-day top, any further advances will not hesitate to challenge the 61.8% Fibonacci Expansion (FE) of October 2021 to January 2022 moves, near 116.90. Should USDJPY prices remain sturdy past 116.90, the 117.00 threshold will act as a validation point for the further rally targeting the year 2017 high of 118.60. On the contrary, the 20-DMA level near 114.80 will test pullback moves of the USDJPY pair ahead of directing the quote to 38.2% Fibonacci retracement (Fibo.) of September 2021 to January 2022 upside, close to 113.50. It’s worth noting, however, that the stated risk barometer pair will have a tough time declining past 113.50 as the 100-DMA and 50% Fibo, around 113.40 and 112.70, will act as strong supports. In a case where the quote drops past 112.70, the bullish trend is likely to witness a major blow with the initial slump to the September high of 112.00. Fundamentally, USDJPY is all set to renew recent tops as the US dollar cheers the Fed’s hawkish halt.
Long
by MTradingGlobal
USDJPY eyes further losses, 112.80 is the keyUSDJPY extends pullback from a four-year high, recently failed to keep the bounce off 113.50, amid downbeat MACD and RSI. That said, the yen pair’s further downside will poke the 100-DMA level of 113.25 but the previous resistance line from March 2021, around 112.80, could challenge the bears afterward. It should be noted, however, that a clear downside break of 112.80, won’t hesitate to direct the pair sellers towards tops marked in early October and May 2021, respectively around 112.00 and 111.65. Meanwhile, recovery moves can initially aim for the three-week-old resistance line near 114.50 before challenging the 20-DMA level surrounding 114.85. If USDJPY prices rise past 114.85, November 2021 peak near 115.50 will be in focus as it holds the key to the pair’s further advances targeting a fresh high of 2022, currently around 116.35. To sum up, USDJPY is expected to witness further declines but the bullish trend remains intact until the quote stays beyond 112.80.
Short
by MTradingGlobal
USDJPY eyes further losses but bulls keep reinsA clear downside break of 50-SMA, as well as November’s peak, near 115.50 challenges the USDJPY pair’s recent rebound. However, 100-SMA and an upward sloping support line from December 03, respectively around 114.80 and 114.40, will restrict the yen pair’s additional losses, backed by nearly oversold RSI conditions. Should bears conquer the stated trend line support, 61.8% and 78.6% Fibonacci retracement of December-January upside, around 114.00 and 113.35, will act as additional supports before directing sellers to December’s low of 112.52. On the contrary, a daily closing beyond 115.50 will push back the short-term bearish bias, a break of which will highlight the weekly resistance line around 115.90. In a case where USDJPY rises past 115.90, the run-up to the 116.00 threshold and January’s peak of 116.35 can’t be ruled out. In a case where buyers dominate past 116.35, the 117.00 round figure may act as an intermediate halt during the rally aiming December 2016 peak around 118.65-70. To sum up, USDJPY witnesses a pullback and the same is likely to last for now but a reversal of the bullish trend is off the table.
by MTradingGlobal
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