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USDJPY Price Probing a New 2019 High

USDJPY Price Probing a New 2019 High

Nick Cawley, Strategist

USDJPY Price, Chart and Analysis:

  • USDJPY continues to push ahead but trading range is narrow.
  • RSI indicator warns of overbought conditions.

Q1 2019 Japanese Yen Analysis and Forecast.

USDJPYis treading water just under recent three-and-a-half months highsas the greenback continues its push higher. The pair trade above all three moving-averages, including the closely watched 200-dma, and now look set to break back above 112.00 and towards a cluster of horizontal resistance levels between 113.71 and 114.74, the November 2017 high print. Later in the session the ISM non-manufacturing and services composite PMI is released with expectations of a pick-up to 57.3 from January’s reading of 56.7.

A positive beat could trigger the next move higher in USDJPY, but the market is flashing one technical overbought signal with the RSI indicator currently just below 70, suggesting short-term caution.

Daily pivot points show resistance at 111.94 (R1) followed by 112.14 (R2) ahead of 112.49 (R3).

USDJPY Price Probing a New 2019 High

USDJPY Carves Bullish Series Even as ISM Manufacturing Disappoints.

USDJPY Daily Price Chart (June 2018 – March 5, 2019)

USDJPY Price Probing a New 2019 High

Retail traders can access the latest IG Client Sentiment Data for a range of currencies and commodities. The data shows how retail positioning, and daily and weekly changes, can help when looking for a trade set-up. Retail are 37.3% net-long USDJPY, a bullish contrarian set-up.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the USDJPY – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.