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USD/JPY Chart Hints at Downturn, Nikkei May Be Topping

USD/JPY Chart Hints at Downturn, Nikkei May Be Topping

2019-12-02 07:00:00
Ilya Spivak, Head Strategist, APAC
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USD/JPY, NIKKEI 225 Technical Analysis – Talking Points:

  • USD/JPY chart setup hints downtrend resumption may be ahead
  • Rising Wedge pattern, negative RSI divergence offer bearish cues
  • Signs of topping on Nikkei 225 stock index bolster downside bias

Where will markets end 2019? See our Q4 forecasts for currencies, commodities and stock indexes!

The Japanese Yen may be preparing to turn higher against the US Dollar. Price action leading the bellwether USD/JPY exchange rate into a test of resistance guiding it lower since October 2018 has formed a bearish Rising Wedge chart pattern, warning that a turn lower is in the cards.

US Dollar vs Japanese Yen price chart - daily

USD/JPY chart created with TradingView

Nearer-term positioning seems to cautiously bolster a downside bias. Zooming in to the four-hour chart reveals negative RSI divergence as prices test the Rising Wedge pattern’s upper boundary, speaking to ebbing upside momentum. This might precede the formation of a top (though confirmation is still absent).

USD/JPY Chart Hints at Downturn, Nikkei May Be Topping

USD/JPY chart created with TradingView

Japan’s benchmark Nikkei 225 stock index offers further reinforcement. A Bearish Engulfing candlestick pattern hints a double top in the 23625-60 area may be taking shape. Closing below 23005 would serve as initial confirmation. Weakness here tends to bode well for the anti-risk Japanese currency.

Nikkei 225 stock index price chart - daily

Nikkei 225 chart created with TradingView

USD/JPY, NIKKEI 225 TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

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