Skip to Content
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. See our updated Privacy Policy here.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Japanese Yen Trades Range Against the US Dollar But Lifts Against the Swiss Franc.

Japanese Yen Trades Range Against the US Dollar But Lifts Against the Swiss Franc.

Daniel McCarthy, Strategist
What's on this page

Japanese Yen, USD/JPY, US Dollar, CHF/JPY, Swiss Franc - Talking Points

  • USD/JPY has a 20-year high as the top end of a range
  • CHF/JPY has seen momentum slip and might have turned
  • With conflicting set-ups, will the Yen resume depreciating?

Introduction to Technical Analysis

Learn Technical Analysis

Recommended by Daniel McCarthy

Start Course


USD/JPY has been in a 127.00 – 131.26 range for a month and has broken below the lower bound of an ascending trend channel that started in early March.

The stall in price has seen it cross below several short term simple moving averages (SMA). The gradients of the 5-, 10- and 21-day SMAs have rolled over and are either negative or flat. This may suggest that near-term upward momentum has paused.

The medium and longer term 55- and 200-day SMAs remain well below the price with positive gradients however, which could indicate that the underlying bullish momentum bias remains.

A break-out from the 127.00 – 131.26 range might see momentum follow through in the direction of that move.

The top of this range is a 20-year high and a move above there may bring on a test of the peaks of early 2002. They could present a resistance zone at 135.01 – 135.16.

A break below the bottom end of the range could open up a test of a potential support zone of 125.10 – 125.28. A test in a week or so may see the 55-day SMA also around that level. A break below there might see bullish momentum further questioned.


Chart created in TradingView

How to Trade USD/JPY
How to Trade USD/JPY
Recommended by Daniel McCarthy
How to Trade USD/JPY
Get My Guide


After making a 7-year high last month, CHF/JPY appears to have lost bullish momentum. The price has crossed below the 10-, 21-, 34- and 55-day simple moving averages (SMA).

The 10-, 21- and 34-day SMAs have rolled over and now have negative gradients. Further suggestive of bearish momentum unfolding has been a series of Death Cross es.

The 10-day SMA has crossed below the 21-, 34- and 55-day SMAs, with the latter occurring at the most recent close. The 21-day SMA has also crossed below the 34-day SMA.

This move lower has seen volatility increase as shown by the 21-day simple moving average (SMA) based Bollinger Band s widening again.

The price closed outside the lower band last week and after it closed back inside the band it managed to rally toward resistance at 130.77, which may still offer resistance. The 55-day SMA is also currently dissecting near that level.

On the downside, the recent low at 127.51 and the break point of 127.08 could provide support.


Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter

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