Thread: USD/JPY Update

The pair traded today at the May 12th high at 97.51 yens per dollar, going up now... It's important to underline that the dollar has been climbing today, given the strong demand by investors seeking a refuge

USD/JPY Update

There were two false breaks above the 96.80 resistance level. This puts the bias downwards, although a break upwards still could occur.

A move below 95.50 will find resistance at 96.00 and beyond that, 95.70. 95.40 should hold heading into the weekend.

A break upwards which is less likely through the Tokyo session would target 97.40 if 96.90 are surpassed. 98 and 98.30 are the next resistance levels.

The USDJPY had significant bullish momentum on Friday. The pair break above 96.60/70 key level, topped at 98.87 and closed at 98.82. The bias is bullish in nearest term targeting 99.50. However CCI in overbought area and about to cross the 100 line down on hourly chart so watch out for potential downside rebound testing 98.00 – 97.70 support area.

JPY weakness is benefiting the dollar. During the Asian and European sessions, the par ranged between 98.45 - .55. The Japanese GDP will be released next Thursday, with the market expecting a contraction in the first quarter…

After hitting a daily low at 96.15, the par rebounded to 96.93, in a neutral zone, according to the RSI. Pay attention to tomorrow's BoJ's report and its outlook on the Japanese economy.

After holding in a tight range late Friday and Monday, the pair has now broken several significant short term support levels. Short term target for the move is 94.00, although a move to that level is very unlikely today.

A move to 94.50, which is the next support level, is more likely and should stall further declines today.

Upside resistance is now 95.50-95.60 as well as 95.80 which is the former support level for the range the pair just broke out of. 96.00 provides resistance, as well as 96.20-96.30 beyond that.

I expect USD/JPY to drop below 80,00 in short-term outlook

~USDJPY

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