Usd/Jpy has just recovered 112 level, I believe the risk remains on the upside.
The pair is at 111.70, for the moment it remains very bearish. I think it will break out below that level soon and keep falling to 111.00 or even to 110.40.
The US dollar recorded a decline against the Japanese yen on Friday. The currency pair opened at 112.27 and the dollar lost 40 pips. Graphics continued to grow below moving averages, while the relative strength index remained neutral. If the bearish mood continues, we can expect a first support test at 110.90.
Key levels to watch for:
Support: 110.90; 110.20; 108.80;
Resistance: 112.90; 114.30;
The dollar / yen had a bearish momentum last week, reaching a bottom of 111.68 after a fake breakthrough over key resistance 113.20 and the emergence of a bearish pin bar. The views are down to testing 111.65. Clear break below this level will open doors to support 111.00 - 110.65. Intraday resistance is at 112.35. A clear breakthrough over it could take the price to a neutral zone, but only a clear break above 113.20 will halt the current short-term downside outlook.
111.70 proved to be a very strong support and USD/JPY rebounded from it. The pair remains bullish for the moment and I think it will reach 113.00 soon.
The US dollar recorded a rise against the Japanese yen on Wednesday. The session started at 112.19 and ended at 112.92. After a steady upward movement, the price managed to break the first resistance at 112.90. If the direction of motion continues upward, perhaps there will be an attempt to break the first resistance at 114.30.
A gap up, but the pair couldn’t hold above 114.00 level possibly due to increased demand for Yen.
USD/JPY is range-bound above the gap. Even if it recovers it I think it will keep moving up.
USD/JPY did recover the gap and then rallied again as I thought it might. Since it has broken out above 113.78 I think it may continue rallying to 114.50.
The dollar fell against the yen. The USD/JPY fell by 0.08% to 113.65 after the maximum of 114.24 in three weeks, which was fixed on Wednesday. In recent sessions, the dollar received support amid forecasts of tax reform in the US, strengthened after the Senate approved changes in the budget that would allow Republicans to adopt a tax reduction program without the support of the Democratic Party.
There is a pullback from 114.45 as I thought it might be. I think the correction to the downside will last at least until it reaches 113.40.
I agree, the correction movement seems continue, and upside limited to 114.45.
The pair has almost reached the target at 113.40, but I just noticed that there is also a doji bar on the W1 time frame, so I think it’s possible for us to see a deeper correction.
As I thought, a deeper correction did begin. Let’s see, however, whether the pair will break out below 113.00.
USD/JPY is developing within a trading range over the last six months 108.10 – 114.40 with a day close below but failed to drive the price lower.
Despite everything the support at 113.00 held out and the pair rebounded from it. It looks like it will test the resistance at 114.45 soon.
USD/JPY pulled back from 114.15 yet again and is still stuck in a relatively tight range below it. I think we’ll need to wait for the NFP today for a breakout.
The dollar / yen attempted to decrease yesterday with a bottom of 113.53, but closed higher at 114.07. Expectations are neutral in short terms, possibly with light bullish signals for resistance testing 114.50, which remains a good place for short positions with narrow stops. A clear breakthrough over this area may clear the path to 115.50 or higher. Support for the day remains 113.75. A clear break below it can take the price to a neutral zone with testing at 113.20. I’m basically neutral.
The US dollar was down against the Japanese yen on Friday morning. During the Asian trading, USD / JPY was trading at 114.01, having lost 0.06%. I believe that support is now at 112.97, Tuesday’s low, and the resistance is likely to come in level 114.30 - the maximum of Wednesday.