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.
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.
The dollar/yen did not make a substantial move yesterday, but continued to form higher tops after the upside pin bar at 105.50 support. Trade signals are bullish in a short term to test the resistance 107.00 - 107.50. Intraway support is 106.50, whose breakthrough can take the price to a neutral zone with testing at 106.00, but the important support remains 105.50. Overall, I remain neutral.
Christinefx posted: I expect to 107.84 or even 108.68
so tp at 107.5 was hit. As for now, and taking into account the recent usd news, most likely dollar will strengthen, according to the chart of usdjpy this is 60 points up. But the H4 trend goes for bears, so I don't go to the market yet ... how about you, guys? who entered the market?
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.
The dollar/yen tried to lower yesterday, reaching a bottom at 106.37, but closed higher at 106.94, forming another ascending pin bar. Trade signals are neutral in a short term. The closest resistance is at 107.13 (yesterday's peak), which breakthrough could lead to future upward pressure for testing 107.50 - 108.00. The nearest support is at 106.37. A clear breakthrough under it can cause pressure down for testing 105.50.
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.
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