USD/JPY Forecast: Correcting higher, but still bearish
|USD/JPY Current price: 116.17
View Live Chart for the USD/JPY
Correcting higher, but still bearish. Yen's gains extended overnight, with the USD/JPY pair printing a daily low of 115.19, from where the pair slowly recovered ground. The pair is finding some temporal relief amid a better market mood and stocks trading in the green, although the technical picture is still short-term bearish, given that in the 1 hour chart, the price is developing below its 100 and 200 SMAs, with the shortest providing an immediate resistance around 116.45, and technical indicators turning quickly lower after entering positive territory. In the 4 hours chart, the price is above its 200 SMA, while technical indicators head slightly higher within neutral territory, well below previous weekly high and without actual strength, supporting the case for a retest of the mentioned daily low.
Support levels: 116.00 115.65 115.20
Resistance levels: 116.40 116.85 117.20
Interested in USD/JPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.