The dollar recorded another sharp decline against the Japanese yen on Thursday. The session started at 107.00 and the day closed at 106.12. Once the bottom was hit at 106.03 and approached the support at 106.00, in the event of a break we would expect a test at 105.45. If it turns, the dollar will target the first resistance at 107.44.
Support: 106.00; 105.45;
Resistance: 107.44; 108.27; 110.31;
Usd/Jpy is consolidating on the downside and found support at 105.50, while bears remain strong.
The US dollar recorded a modest rise against the Japanese yen on Friday. The session began at 106.12 and ended only 18 pips higher. Daytime extreme values ??were reached at 105.54 and 106.39, respectively. At present, the outlook looks neutral, and in the case of a continuing downward movement the main challenge is the 105.40 level.
Key levels to watch for:
Support: 105.40;
Resistance: 107.70; 109.90; 110.90;
USD/JPY remains bearsih although the pair bounced from Friday’s low. The price is yet below its moving averages and indicators are hovering around their mid-lines with no clear direction. First resistance is seen at 106.85 while immediate support comes with 106.10.
USD/JPY retreated from the weekly high at 107.90 where the bulls faced strong resistance. The pair resumed the bearish trend and now is aiming 107.30.
The risk remains on the downside, immediate support can be found around 106.50, break below would open up to the downside.
The dollar recorded a volatile session against the yen on Friday. In the end, the opening price was close to the closing price, respectively 106.74 and 106.88. In the early hours the bullish moods prevailed and so the pair reached peak for the day at 107.12. The dollar subsequently lost its accumulated momentum. However, short-term expectations remain in favor of the US currency.
USD/JPY
Interesting levels to watch for:
Support: 106.06; 105.54;
Resistance: 107.91; 108.81;
This pair quotes are still above the level of the MA indicator, but I don’t hurry to enter the deal just yet. The level 104.70 will be a signal for me. But there you should act according to the situation too because I’ve noticed a retracement trend.
USD/JPY recovered from the daily low at 106.37 and now nailed the 107.00 handle. According to the indicators on the four hour time frame the short term outlook is bullish with first target 107.30.
USD/JPY is hovering around the session highs, few pips below 107.00. The US macro agenda for today support the US bulls, so I expect at test of the kep resistance at 107.30.
After the successful breakthrough of support at 106.00 during the Asian session, the dollar continued throughout its day of downward movement to the next level of support at 105.45. In a case of a successful break at 105.45, the dollar would test 104.65. If the price returns, we can expect a resistance test at 106.00.
USD/JPY
Interesting levels to watch for:
Support: 105.45; 104.65;
Resistance: 106.00; 107.44; 108.27
USD/JPY continues to fall and nears the critical 105.00 level, which if broken would open doors for testing the support at 104.13.
Elliott Wave Analysis: USDJPY Correction Should Fail Below 107.9
Short Term USDJPY Elliott Wave view suggests that the rally to 107.9 ended Minor wave X. Pair is expected to resume lower while bounces stay below this level. Down from Minor wave X at 107.91, Minor wave Y is in progress as a double three Elliott Wave Structure. Minute wave ((w)) of Y ended at 105.23 as a zigzag Elliott Wave pattern. Above from there, Minute wave ((x)) is currently in progress to correct cycle from February 21 peak as a double three Elliott Wave structure in 3, 7, or 11 swing.
Internal of Minute wave ((w)) of Y unfolded as a zigzag Elliott Wave pattern where Minutte wave (a) ended at 106.35, Minutte wave (b) ended at 107.67, and Minutte wave © of ((w)) ended at 105.23. Up from there, internal of Minute wave ((x)) is unfolding as a double three Elliott Wave Structure where Minutte wave (w) ended at 106.46 and Minutte wave (x) ended at 105.43. Near term, expect pair to extend higher towards 106.66 – 106.95 area to end Minutte wave (y) of ((x)), then as far as pivot at 2/21 peak (107.9) stays intact, expect pair to extend lower. We don’t like buying the pair.
USDJPY 1 Hour Elliott Wave Chart
The pair pulled back from the daily high, but bulls do not give up. Indicators on dialy chart are aiming north, so I expect a convincing break through the 107.00.
Friday’s mixed NFP weakened the US dollar and USD/JPY closed below the psychological barrier at 107.00. The pair is supported by the 20-day SMA at 106.30 and while staying above it, extended consolidation is expected.
The dollar advanced against the yen on Friday. The US currency recorded a third consecutive rise against the yen. So the pair tested the resistance at 107.20, but no breakthrough was reached. If the bullish sentiment continues, it will be broken shortly. The session was opened at 106.21 and the final was 59 pips up. A peak of the day was reached at a rate of 107.04.