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
With the USDOLLAR at Key Support, is Yellen the Last Line of Defense?
S1114.20 W R3118.20 S
S2114.15 M R2117.13 M
S3112.98 S R1115.87 W
Trend
down
Volatility
100%

news


With the USDOLLAR at Key Support, is Yellen the Last Line of Defense?

The USDOLLAR Index continues to flirt with a major support region around 12035. Will Fed Chair Yellen make or break the greenback today?
Continue Reading


Will Yellen Brave Volatility to Bring Financial Markets to Heel?


Markets Look to Yellen as S&P 500 Tries to Hold, Euro and Yen Rally


Trading Big Picture Themes Requires Different Approach, Strategy


DailyFX Technical Focus: 2/9/2016 (Gold Price)



Real Time News


Analyst picks

Kristian Kerr   

Sr. Currency Strategist

My Picks: 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

Connect via:

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

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 Fed's Yellen to Appear Before House Financial Services Committee
h
A: 
F: 
P: 

USD DOE U.S. Crude Oil Inventories
m
A: -754k
F: 2850k
P: 7792k

USD Monthly Budget Statement
m
A: 
F: $22.8b
P: -$17.5b

USD Initial Jobless Claims
m
A: 
F: 280k
P: 285k

USD Continuing Claims
m
A: 
F: 2250k
P: 2255k

USD Fed's Yellen to Appear Before Senate Banking Committee
m
A: 
F: 
P: 
A: Actual   F: Forecast    P: Previous