News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:https://t.co/ed4QR7QQOn https://t.co/gDWYNtm2UY
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/Q7TcbrYXjl
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/yxymjCHti6
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/yZzArpGs2h
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here: https://t.co/WjU4oYpmf7 https://t.co/VcNnCjm0B2
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/AiLoS7DrEQ
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/HicBmGrokK
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/5lbyBJeeA7
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/ubLimoYAcr
USDJPY Projected One-Week Range-high and Resistance in Alignment

USDJPY Projected One-Week Range-high and Resistance in Alignment

2017-07-10 11:21:00
Paul Robinson, Strategist
Share:

What’s inside:

  • USDJPY slow and steady towards major area of resistance
  • One-week projected range-high towards upper end of resistance zone
  • One-week range-low near lower end of

Looking for a longer-term view on USDJPY? Check out our Q3 Forecast.

In the following table, you’ll find implied volatilities for major USD-pairs for one-day and one-week time-frames. Using these levels, we’ve calculated the projected range-low/high prices from the current spot price within one-standard deviation for specified periods. (Statistically speaking, 68% of the time price should remain within the lower and upper-bounds.)

USDJPY Projected One-Week Range-high and Resistance in Alignment

USDJPY projected one-week high aligns with big resistance, one-week low with minor short-term support

Since the middle of last month, the rally in USDJPY has been slow and steady. The first test of resistance is upon us, with the pair trading near the May high at 11467. A breach of this key level will expose an even more important area of resistance in the vicinity of 11485/11562; an area USDJPY turned lower from on several occasions from January to March. The projected one-standard deviation one-week high is at 11546, right near the upper portion of the resistance zone. On first approach, there may be difficultly in overcoming this area in the short-term. If buyers are able to push it through 11562, USDJPY will quickly face another key test of resistance by way of the trend-line extending down off the June 2015 high. The trend-line was a significant factor in January and could very well be highly influential once again. With that in mind, even though a push through price resistance may develop it may not be sustainable.

Looking to the one-week projected low, it falls at 11300. This lines up around the lower end of a small consolidation period created last week prior to Friday’s rally. Giving the near-term trend the benefit of the doubt it’s a spot to watch for price action to show buying interest.

The big risk event of the week will be the Fed Chairwoman, Janet Yellen, testifying in Washington on Wednesday and Thursday. For details, see the economic calendar.

For other currency volatility-related articles please visit the Binaries page.

USDJPY: Daily

USDJPY Projected One-Week Range-high and Resistance in Alignment

See the Webinar Calendar for a schedule of upcoming live events with DailyFX analysts.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES