FXTM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
Libertex information and reviews
FxPro information and reviews

USDJPY bears find support after Japan's PM resignation

31 August 2020

USDJPY was hovering around the 50% Fibonacci retracement of the 112.21-101.17 downleg when the resignation of Japan’s prime minister Shinzo Abe boosted the safe-haven yen and triggered a steep sell-off in the pair on Friday.

The price pulled back below its simple moving averages (SMA) on the four-hour chart, but the area between the 38.2% Fibonacci of 105.40 and the 105.00 level managed to halt the decline once again, with the pair pushing efforts to recover the lost ground on Monday.

The 50-period SMA could act as immediate resistance around 106.00 with the help of the 20-period SMA as the rebound in the RSI and the Stochastics near oversold levels is switching the short-term bias from negative to neutral. That said, buyers may not get excited until the price closes above the 50% Fibonacci of 106.70 and sustains gains above its previous high of 107.00. In this case, the next hurdle could emerge near 107.50 and then around the 61.8% Fibonacci of 108.00, where the 200 SMA is fluctuating in the daily chart.

Otherwise, if the 50-period SMA rejects additional upside movements, the pair could revisit the 105.40-105.00 support region, a break of which may sharpen the decline probably towards July’s low of 104.18. Beneath that mark, the pair will put its five-month old downtrend back into play, turning the outlook more bearish in the medium-term picture.

Summarizing, USDJPY is currently holding a neutral bias, with immediate resistance expected to occur around 106.00 in the near-term and support within the 105.40-105.00 region. 




USD/JPY sticks to its consolidative theme
USD/JPY sticks to its consolidative theme

USD/JPY remains side-lined for the time being, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang. Yesterday, we highlighted that ‘upward momentum has slowed and USD is unlikely...

5 Aug 2022

USD/JPY pares intraday losses to multi-week low
USD/JPY pares intraday losses to multi-week low

USD/JPY stages a goodish bounce from a multi-week low touched earlier this Friday. Recovering US bond yields help revive the USD demand and offers support to the pair...

29 Jul 2022

The Yen updated the lows
The Yen updated the lows

USDJPY reached new highs – the “greenback” continues to get stronger. The Japanese Yen plunged against the USD. The current quote for the instrument is 137.02. A new high for the pair is at 137.28....

11 Jul 2022

The Yen may drop
The Yen may drop

USDJPY is preparing a new attack on the highs. The Japanese Yen is slowly falling against the USD. The current quote for the instrument is 136.16. The statistics published...

8 Jul 2022

200-hour SMA, around 135.60 might continue to cap the upside
200-hour SMA, around 135.60 might continue to cap the upside

USD/JPY recovered a few pips from the daily low, though lacked any follow-through buying. Ascending trend-line breakdown and failure near the 200-hour SMA favours bearish traders...

4 Jul 2022

The Yen hit new lows
The Yen hit new lows

USDJPY updated its 24-year highs and may continue rising. The Japanese Yen hit a new 24-year low against the USD. The current quote for the instrument is 136.25. The high in USDJPY...

22 Jun 2022

HFM information and reviews
IronFX information and reviews
FXCM information and reviews
Pepperstone information and reviews
NordFX information and reviews
LegacyFX information and reviews

© 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.