The US dollar rose against the Japanese Yen on Friday. By the end of the Asian session USD/JPY was trading at 113.72, gaining 0.32%. I believe that the support is now located at around 110.23, Tuesday’s low, and resistance is likely at the level of 113.73 - the maximum of today’s trading.
The dollar registered a slight rise against the yen on Thursday. The US currency continued the positive momentum from Wednesday, but a break of key levels was not reached. If the bulls continue to dominate, the resistance at 113.82 will be overcome soon. The session started at 112.48, as the uptrend prevailed throughout. The maximum of the day was reached at 113.52 and the final valua was 23 pips lower.
Key levels to watch for:
Support: 109.19; 108.52;
Resistance: 113.82; 114.45.
USD/JPY - long position at 112.79
• Stop: 111.03
• Limit: 115.86
• Time: 6 days
Given the pair’s sharp u-turn from 114, showing the chance of correction pull back, but the combination of Dollar strength and Yen weakness could still encourage further incline.
Dollar / Yen attempted to push higher yesterday, formed a peak of 113.33 but closed lower at 112.38. The bias is neutral, possibly with slight bearish signals for testing the 111.50 support. A clear break and daily close below 111.50 could open a way for the Bears down to near 110.00. Intraday resistance at 112.80 whose breach could trigger further bullish pressure testing 113.30. Overall I remain in the camp of the bulls, but I need a clear break and consistent move at least above 112.80 - 113.30 for continuing the bullish scenario.
Usd/Jpy has recovered from the bearish gap after Italy’s ‘‘no’’ referendum vote, the pair is back to around 113.80 level. I’m expecting short term consolidation between 113.80 to 114.84.
The pair recorded moderate growth on Tuesday in a second consecutive positive session. The US dollar climbed by 17 pips to 113.98, having traded within the extreme values 114.18 and 113.49. USD/JPY continues to move over the rising moving averages, keeping positive attitudes, as RSI remains in neutral territory. A break of 112.90 will however change the short-term sentiment.
Key levels to watch for:
Support: 112.90; 111.45; 109.75;
Resistance: 114.80; 115.90; 117.20.
Dollar retreated moderately against the yen yesterday. The decline, which amounted 25 pips to 113.73, managed to erase gains from Tuesday. The final figures for the day were reached respectively at 114.39 and 113.41. RSI remains in neutral territory as the price continues to move in a narrow range over the 50-period average value. A break of 114.80 will resume the upward direction.
The pair upward momentum remains strong, but I’m expecting some correction movement until Wednesday Fed’s interest rate decision.
USD/JPY: the forecast – neutral – there were signs of fading of an impulse, but so far too early to wait for a bear turn. The recent strong ascending impulse has died away, but at this stage so far too early to expect a bear turn. USD it is more probable, will bargain in a side trend probably between 114.00 and 116.00.
A day before the announcement of the lifting of the US base rate by the Fed, the dollar marked a slight increase against most currencies. USD/JPY closed Tuesday with a decline to 115.18.
Slight increase noted the dollar against the Japanese yen on Tuesday. Short-term expectations remain in favor of the US currency. In this case the couple can make a new test of resistance at 116.12. The session was opened to a rate of 115.01 and the dollar gained almost 17 pips to the finish. The trade was volatile, with the highest value for the day had reached the level of 115.47.
Key levels to watch for:
Support: 113.08; 112.52;
Resistance: 116.12; 117.48.
The US Federal Reserve raised its key rate to a range of 0,50-0,75 per cent per annum, and said that it is waiting for three increases in 2017.
By 20.00 GMT USD/JPY rose by 104 pips to 116,36.
The dollar recordеd a successful session against the yen at the end of the week. The pair broke the first resistance at 117.48, while short-term expectations remain in favor of the US currency. In this case, the pair may test the key level at 118.84 soon. Trading was closed at a rate of 117.91.
Key levels to watch for:
Support: 115.28; 113.08; 112.52;
Resistance: 118.84; 121.45.
The pair probably will continue its consolidation movement in the near future as long as support level 117.00 still holds.
USD/JPY erased positions yesterday, which devalued the dollar by 29 pips to 117.54. Trading took place within the extreme values at 118.06 and 117.10. The price continues to consolidate above the low averages and RSI retreated moderately. The current range implies a likely bullish continuation, but a breakthrough of 116.15 will contribute to negative attitudes.