USD/JPY

Yen is one of the most traded currencies in the world, especially due to its low interest rate since the Yen is used in carry trades. Recently the Bank of Japan has expanded their purchase of Yen, hoping to overturn the deflation tide to inflation. Doubling this money supply is devaluing the Yen, boosting exports; but, increasing prices of imports at the same time, especially for commodities.


SSI: The Speculative Sentiment Index


Last Week
1.94
Current
---
Short
Chg. Open Interest
-5.3%
Outlook
bearish

Support & Resistance

USD/JPY
Yen Hits 18-Month High, US Dollar Seeks Lifeline in PCE Data
S1111.02 W R3113.79 S
S2110.40 M R2112.62 M
S3109.02 S R1111.41 W
Trend
down
Volatility
56%

news


Yen Hits 18-Month High, US Dollar Seeks Lifeline in PCE Data

The Japanese Yen hit an 18-month high against the US Dollar as the greenback looks for a lifeline in the Fed’s favored PCE measure of inflation.
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Analyst picks

Walker England   

Forex Trading Instructor

My Picks: USD/JPY Daily Breakout
Expertise: Technical Analysis
Average Time Frame of Trades: 1 Day - 1 Week


Pivot Points

Candlestick

Symbol Trends Bias Time Frame Candlestick Formation Candle Bias
USD/JPY
weekly EVENING STAR

USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

Fundamental analysis, economic and market themes

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Talking Points:

  • USD/JPY Strategy: Flat
  • Downside Reversal Cues Remain
  • Waiting for Pullback to Get Long

The US Dollar is waiting for follow-through on bearish reversal cues against the Japanese Yen established by Dark Cloud Cover and Evening Star candlestick patterns. Negative RSI divergence seemingly reinforces the chance of a pullback. Support is at 118.91, the 14.6% Fibonacci retracement, with a move below that exposing the 23.6% level at 117.00. The first layer of resistance remains at 122.01, the March swing top.

The dominant long-term USD/JPY trend continues to look bullish. With that in mind, we will look at further losses as corrective and treat them as an opportunity to enter long at more attractive levels once the pullback is exhausted.

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USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

Weekly Chart - Created Using FXCM Marketscope

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


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