FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
FxPro information and reviews
FxPro
90%

Yen Crosses Under The Spotlight


9 February 2022 Written by Lukman Otunuga  Senior Research Analyst at FXTM Lukman Otunuga

Our currency spotlight shines on the Japanese Yen which has weakened against most G10 currencies this week. The weakness could be based on a jump in risk sentiment amid strong corporate earnings. However, geopolitical tensions and inflation worries could still accelerate the flight to safety, rekindling appetite for safe-haven assets like the Yen.

Focusing on the technicals, February could be a volatile month for the Yen if conflicting themes influence global risk sentiment. Looking at the USDJPY, prices remain firmly bullish on the monthly timeframe as there have been consistently higher highs and higher lows. Bulls remain in a position of power but need to conquer 116.30 to open the doors to further upside.

The story changes on the weekly charts. Prices remain in a wide range with support around 113.360 and resistance at 115.50. A solid weekly close above this resistance could trigger an incline towards 116.30 and 117.40.  Alternatively, a rejection from 115.50 could inspire a selloff towards 114.50, 114.00, and 113.360. Some momentum is building on the daily charts with bulls in a position of power. A strong daily close above 115.50 could trigger a move towards 116.00 and 116.30.

EURJPY bulls in the building

The aggressive rally last Thursday may have set the tone for the EURJPY this month. A hawkish ECB tipped the balance between the EUR and JPY with bulls going out of control. Prices are trading around the 132.00 level of writing with further upside certainly on the cards. A strong daily close above 131.70 could encourage a move towards 132.60 and 133.47.

Technical indicators such as the Simple Moving Average and MACD agree with the bullish outlook. Should 131.70 prove to be unreliable support, a decline back towards 131.00 and 130.20 could become reality.

GBPJPY journeys north after bounce on MAs

The GBPJPY remains in a healthy bullish trend on the daily charts after bouncing from the 50,100 and 200 Simple Moving Averages. A weaker Yen may inject GBPJPY bulls with enough confidence to challenge the 157.50 resistance level. Should prices secure a daily close above this point, the next key point of interest will be found around 158.19. Alternatively, if 157.50 proves to be a tough nut to crack, prices are likely to decline back towards the 155.50 support.

AUDJPY presses against 82.50

A major breakout could be on the horizon for the AUDJPY. Prices are trading just below the 82.50 level which is where the 50, 100, and 200 Simple Moving Average reside. A solid breakout and daily close above this point could open a path towards 84.00. Should 82.50 prove to be reliable resistance, prices may decline back towards 80.50.

#source

Share:


Related

Penny Stocks: What Are They?
Penny Stocks: What Are They?

Locating penny stocks with buy ratings is getting more and more challenging. The markets become less adventurous as interest rates rise. That indicates that penny stocks, which are riskier by definition...

20 Sep 2022

Bitcoin and Ethereum: Inflation Brought Down The Prices
Bitcoin and Ethereum: Inflation Brought Down The Prices

Strong inflation brought down the price of bitcoin yesterday from $22,800 to the $20,000 support level. This morning, the price of Ethereum formed a new seven-day low at the $1550 level...

15 Sep 2022

Cooler USD & Stocks Higher Ahead of CPI
Cooler USD & Stocks Higher Ahead of CPI

USDIndex – Slips (108.00 tested) for a 5th straight day, lifting EUR & GBP. Fed Funds Futures back to 90% chance of 75 bp (third consecutive) hike...

14 Sep 2022

Copper’s Price: What’s happening?
Copper’s Price: What’s happening?

In this article, we will discuss what has happened to the price of copper. When your money loses some of its purchasing power, you stop caring about supply and demand...

14 Sep 2022

The Inflation Monster Strikes. Better One Small Fish Than An Empty Dish
The Inflation Monster Strikes. Better One Small Fish Than An Empty Dish

London Mayor Sadiq Khan says that millions of Britons won’t be able to afford heating or basic food this winter if things remain as they are now. The present state of affairs has no precedents in the past...

9 Sep 2022

After a recent selloff, Wall Street is expected to rise
After a recent selloff, Wall Street is expected to rise

Expectations that the Federal Reserve might lower interest rates to combat inflation. This idea did not have a chance because of the labor market data. Investors are concerned...

7 Sep 2022


Editors' Picks

HFM information and reviews
HFM
89%
IronFX information and reviews
IronFX
88%
FXCM information and reviews
FXCM
87%
NordFX information and reviews
NordFX
85%
Vantage information and reviews
Vantage
84%
FP Markets information and reviews
FP Markets
81%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.