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.


Support & Resistance

USD/JPY
Forex Weekly Forecast: Dollar is the Big Loser until this Changes
S1110.96 W R3115.45 S
S2109.27 M R2115.09 M
S3109.16 S R1113.62 W
Trend
down
Volatility
100%

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Forex Weekly Forecast: Dollar is the Big Loser until this Changes

Tensions are running high as the S&P 500 hits its worst streak since the heights of the Global Financial Crisis. But all hope is not lost—we’re keeping an eye on these key themes in the big week ahead.
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Analyst picks

Kristian Kerr   

Sr. Currency Strategist

My Picks: Lowering Stop in Short USD/JPY
Expertise: Technical, Time Cycles
Average Time Frame of Trades: Few Days - Few Weeks


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.

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

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


Forex Economic Calendar


USD Business Inventories
m
A: 0.1%
F: 0.2%
P: -0.2%

USD Baker Hughes U.S. Rig Count
m
A: 541
F: 
P: 571

JPY Gross Domestic Product (QoQ)
m
A: 
F: -0.3%
P: 0.3%

JPY Gross Domestic Product Annualized
h
A: 
F: -0.8%
P: 1.0%

JPY Nominal Gross Domestic Product (QoQ)
m
A: 
F: -0.1%
P: 0.4%

JPY Industrial Production (YoY)
m
A: 
F: 
P: -1.6%
A: Actual   F: Forecast    P: Previous