As the dollar is moving down against other majors, but USD/JPY is moving mainly up, then what happens to the yen?
The pair is not showing a very clear directional strength, immediate resistance can be found around 113.310/15, follow by 113.65, break above would open door to 114 level.
There would be possible correction movement because of oversold conditions, but selling interest remains, I’m looking at 110.00 level.
The dollar fell against the Japanese yen on Tuesday. The US currency recorded a significant drop and thus completely lost the lead from the previous session. Trading was opened at a rate of 110.91 and the final was set at 110.30. The trend was bearish all the time, and as a result, support at 110.31 was broken. Short-term indicators remain in favor of the yen.
Key levels to watch for:
Support: 110.31; 110.04;
Resistance: 111.48; 111.69;
USD/JPY accelerates decline after failing to hold above the support around 108.80-75. Next target for bears is seen at 108.25.
USD/JPY is about to close around important long trem support around 107.60 – 107.80 area provided by the symmetrical triangle at the monthly chart.
Trump is a wise president, it is proved by the movement of the dollar.
USD/JPY remains clearly bearish in the long term and yet is developing within the downward channel that started since January 8. Today the bears paused at 108.30, just above a strong support area. With FOMC ahead this sounds reasonable.
The US dollar recorded a volatile session against the Japanese yen on Wednesday. The currency pair started at 108.77 and ended at 109.18. Daytime extreme values ??were reached at 108.59 and 109.44 respectively. If the direction of movement continues upward, there may be an attempt to test the resistance at 109.90.
Key levels to watch for:
Support: 107.70; 105.40;
Resistance: 109.90; 110.90; 112.90;
Usd/Jpy short-term remains positive, immediate resistance around 110.50, I’m expecting further gain if the pair break above the resistance level.
USD/JPY found the exit of the consolidation zone. US bulls are back in the game and are aiming 109.50.
The dollar recovered positions against the yen on Tuesday. The US currency broke off the negative momentum and returned to last week’s levels. The session began at a price of 109.07 and the finale was set at a rate of 109.55. In the early hours the trend was bearish and the first support at 108.71 was broken after the bottom was hit at 108.45. Short-term expectations remain in favor of the dollar.
Key levels to watch for:
Support: 108.71; 108.39;
Resistance: 111.18; 111.69;
Despite falling to the weekly lows this morning, USD/JPY gathered stength and bounced towards 109.00 handle. Short term bullish outlook can not be confirmed unless the pair move above 110.00 – 110.48.
Yesterday the USD/JPY marked a 15-month low at 106.84 from where now is pulling back. Indicators on the daily chart remain in negative terriroty and had lost directional strength. Despite today’s bounce, below 108.05 the bearish bias prevails.
Elliott wave Analysis: USDJPY calling for more downside
USDJPY Short-term Elliott Wave view suggests that the rally to 110.48 high ended Intermediate wave (4) bounce on February 02.2018 peak. Below from there, the decline is unfolding as an Ending Diagonal Structure within Intermediate wave (5) lower. Where Minor wave 1 ended at 108.44 low as Zigzag structure, Minor wave 2 bounce ended at 109.77 in a Double three correction. Currently, Minor wave 3 remain in progress in a Double three correction, where internals of each leg is unfolding as Elliott Wave Zigzag pattern.
Where Minutte wave ((w)) ended at 108.03 low, Minute wave ((x)) ended at 108.87. Below from there Minute ((y)) of wave 3 remains in progress as zigzag structure. When Minutte wave (a) ended in 5 waves at 107.39 low and Minutte wave (b) ended at 107.89. Near-term cycle from 2/08 high (109.77) is mature already in Minor wave 3 lower after reaching blue box area (as shown on Chart). And pair can now start the Minor wave 4 bounce anytime soon in 3, 7 or 11 swings. However within the shorter-term cycles pair could extend lower towards 106.39-105.47 100%-161.8% Fibonacci extension area of (a)-(b) within ((y)) of 3 lower before a bounce in Minor wave 4 takes place. We don’t like buying the pair and as far as a pivot from 2/08 high 109.77 holds the wave 4 bounce should get rejected in 3, 7 or 11 swings for further downside extension in Minor 5 of (5) lower.
USDJPY 1 Hour Elliott Wave Chart
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I think you’re some way right.
The Japanese bulls continue to gain positive traction and USD/JPY hit a multi month low at 105.54 today. Although the short term outlook remains bearish according to indicators on the H4, the price bounced just ahead of US opening, having a patch of macro releases to define the further movement.