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.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Last week’s updated Federal Reserve dot plot, suggesting two US interest rate increases in 2023, could be a game-changer for $EURUSD. Strategically, a long-term trend lower may have now begun. Get your market update from @MartinSEssex here: https://t.co/xMvmnbkpt7 https://t.co/yRCuwj7cAI
  • It was a brutal week for the British Pound against the US Dollar and Japanese Yen, but it remains to be seen whether this can lead into fresh long-term trends. Get your market update from @JStanleyFX here: https://t.co/xMzWYNUzFx https://t.co/Bvsj7fHJJt
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/IIjo6UK5p8
  • All 9 Dow Jones sectors ended lower, with 100% of the index’s constituents closing in the red. Energy (-3.77%) financials (-2.98%) and materials (-2.46%) were among the worst performers. https://t.co/AbiZ65bwC9
  • Although the Fed hawkish bias has caused some reflationary position unwinding and anxiety about the outlook for commodities, the fundamental picture for oil has not changed and remains bullish. Get your market update from @DColmanFX here: https://t.co/N5X16b8ljP https://t.co/UA6CfjTLfc
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here: https://t.co/RbnADE05iu https://t.co/HcrqaKg5F3
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/qHyg1KpVKH
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown https://t.co/iuYqEN5xpv
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/DIP9cgoSUt
  • Here are the top scheduled event risks on my calendar for the coming week. Global PMIs, a few rate decisions, the Fed's bank stress test results, the Fed's favorite inflation indicator and a run of Fed speak among much more: https://t.co/3jIl4PvHiA
USD/JPY Technical Analysis – Attempting to Extend Decline

USD/JPY Technical Analysis – Attempting to Extend Decline

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.32, 100.97, 100.38
  • Resistance: 101.94, 102.13-35, 102.71

The Japanese Yen is aiming to extend its march higher against the US Dollar as USD/JPY tests a support cluster in play since early February. A break below 101.32 on a daily closing basis targets the outer layer of range support at 100.97. Falling channel bottom support-turned-resistance is now at 101.94, with a reversal above that opening the door for a challenge of the May 27 high at 102.13.

Prices are too close to near-term support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal suggesting a long position is premature. On balance, we will remain on the sidelines for now.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Technical Analysis – Attempting to Extend Decline

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

DISCLOSURES