The USD/JPY is trading lower today around 110.50 after the US NFP data. The greenback might recover ground on the better-than-expected numbers but the pair needs to advance beyond 111.00 in order to extend its advance up to 111.40.
The USDJPY could find a support level around the 110.00 zone, below that level we can find the 55 and 200 day EMAs. To the upside, the high at the 111.39 level could act as resistance. At the moment, the pair is consolidating around the 110.43 level.
The dollar / yen had a significant upward momentum yesterday, sliding over the main downward channel. This may be an early stage for a new major bullish trend. Trade signals are up for a short time to test 113.00. Immediate support we have at 111.90, whose breakthrough can take the price to a neutral trading zone. But only a clear break back below 111.40 will cancel the ascending views.
The dollar / yen continued its inertia up yesterday, reaching a peak of 112.62 and hit 112.76 earlier this morning. The views remain up for testing 113.00 - 113.50. Intraday support is 112.35. A clear breakthrough below this level can take the price to a neutral zone for testing 111.85. But only a clear break back below 111.40 will stop the current strong upside outlook.
The US dollar continued its rise against the Japanese yen. The session started at 111.98 as the day's closing at 112.54. The dollar continued its upward movement, reaching a daily peak of 112.62 and breaking the resistance level at 112.50. If the price continued its upward movement, we would expect to test the next level of resistance at 112.90. Otherwise, a breakthrough in support at 111.36, we would expect an upturn in the upward movement.
The dollar recorded a neutral session against the yen on Monday. Thus, the pair remained at the level of the end of last week, but short-term expectations are still in favor of the dollar. If they are justified, the resistance at 112.96 will be pierced. Trading started at 112.18 and the final was 10 pips higher. Peak of the day was reached at 112.55.
The dollar / yen was tentative yesterday. Expectations are neutral, probably with slight downward signals. Only a clear breakthrough, however, back below 111.40 will stop my upward pattern. Resistance for the day is 112.60. A clear break above this level may cause future bullish test pressures of 113.00 or higher. The first support is 112.20. A clear breakthrough back below it could lead to downward pressure for testing 111.40.
The USDJPY attempted to push higher yesterday topped at 113.13 but closed lower at 112.83, printed a bearish pin bar as you can see on my daily chart below. The bias is neutral in nearest term. Overall I remain bullish but need a clear break above 113.13 to invalidate the bearish pin bar scenario and resume the bullish trend testing 113.70 – 114.00 region. Immediate support is seen around 112.35. A clear break below that area could trigger further bearish pullback testing 111.90 area but only a clear break back below 111.40 would invalidate my major bullish outlook.
Currenlty the pair is trading at 112.48 after had pinned daily low at 112.05. On the four hour time frame the price is developing above its bullish moving averages, so the long term uptrend is not at risk. RSI and stochastic are displaying strong bearish slopes and are close to oversold territories. Further declines are expected in case of closing below the daily low which will bring next bearsih target at 111.80. On the other hand bulls might try to fight the first resistance at 112.60 which if broken will offer next one at 113.00.
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