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.

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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


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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USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

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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

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