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Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

Justin McQueen, Strategist

Japanese Yen Price Analysis & News

USD/JPY Risks Tilted to the Downside

Yesterday’s break below 106.00 and follow through last week’s low (105.80) provided a small bout of excitement in the pair. However, gains in the Yen had stalled slightly as 105.50 provided support. That said, as the US Dollar continues to soften ahead of the FOMC meeting, risks are tilted to the downside in the pair. In turn, this brings into focus key support at 105.10-20 in which the pair have seen previous defences. On the topside, last week’s low is now short-term resistance. Overall, the pair remains neutral as the 105-107 range holds.

Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

USD/JPY Price Chart: 4-Hour Time Frame

Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

Source: IG

EUR/JPY Contained as Markets Await FOMC

Tepid price action in EUR/JPY as the cross fails to sustain a move above 126.00. While better than expected German ZEW data underpins the Euro, short-term resistance at 125.80 has curbed upside for now. As market participants await the FOMC meeting it appears we could be in for another quiet session. That said, on the downside, support resides at 125.15, failure for the cross to hold would bring into focus 124.30-50.

Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

EUR/JPY Price Chart: 4-Hour Time Frame

Japanese Yen Outlook: USD/JPY, EUR/JPY Key Levels to Watch

Source: IG

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