News

USD/JPY technical analysis: Greenback is gaining ground against the Yen, trading above 106.55 level

  • The demand for Yen as a safe-haven currency has been weak in the last four days. 
  • The levels to beat for bulls are at the 106.30 and 106.55 resistances.
 

USD/JPY daily chart

 
 
USD/JPY is bouncing from multi-month lows while under the main daily simple moving averages (DSMAs). The market is trading above the 106.00 handle as the bear trend is on hold. Trade war news and US bond yields are the primary drivers of the USD/JPY currency pair.
 

USD/JPY 4-hour chart

 
USD/JPY is grinding higher above the 50 SMA. Bulls are looking to trade above 106.77 to reach 107.07 according to the Technical Confluences Indicator.
 
 

USD/JPY 30-minute chart

 
Dollar/Yen is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate support is seen at 106.55 and 106.30 according to the Technical Confluences Indicator. 
 
 

Additional 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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.