The US dollar recorded a decrease against the yen on Wednesday. The pair opened at 103.86 and the price managed to break through the first support at 103.70. Eventually, after a volatile session, the dollar ended at 103.43. The pair continues to be in positive territory, which will likely follow the new test levels at 103.70.
The US dollar was down against the Japanese Yen on Friday. By the close of US trading USD/JPY was trading at 103.78, shedding 0.15%. I believe that the support is now located at around 103.15, Wednesday's low and resistance is likely at the level of 104.39 - the maximum of Monday.
Dollar / yen was indecisive last week. The outlook is neutral for now. Overall I remain in the camp of bears, but we need at least a break below 103.50 for a potential end to the current bullish correction phase. On the upside, 104.20 remains an important resistance, it is possible for us to see downward pressure around the area. A clear break and consistent move above 104.20 will open the door to 105.50.
The dollar recorded volatile session against the Japanese Yen on Friday. Eventually the Japanese currency prevailed, but short-term expectations remain in favor of the dollar. In this case the resistance at 104.30 remains threatened. Trading started at a price of 103.94, and the final value was 12 pips lower. The pair varied over a wide range, the difference between the highest and lowest value for the day was 68 pips.
Dollar/yen made upwards momentum last week, formed a peak of 105.52 but closed lower at 104.71. The price moves down once slid over the top line of the bullish channel (resistance), suggesting a potential bearish pressure, but while remaining within the price channel, the pair is still in the upward phase. Trading bias is neutral in nearest term probably with slight bearish signals for testing 104.00 but key support remains 103.50. Immediate resistance is at 105.00. A clear break above it might trigger further bullish pressure to test 105.50 or higher.
USD/JPY recorded a growth of 22 pips during yesterday's session to a closing price of 104.76. Trading took place within the extreme values at 105.22 and 104.52. USD/JPY closed the month with profits by trading at its highest levels since the end of July. Uptrend remains in place, but to confirm the dominance of the bulls, it's necessary for the pair to break 105.50.
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