USDJPY maintains a neutral bias since early February, as prices remain within a range between 111.00 and 114.00.

The short term momentum continues upward, as indicated by the rising RSI. Prices rebounded from 110.65 that was reached on March 17. This suggests a bottom could be in place at this low. The current rally is finding resistance at the 50% Fibonacci level(around 113.50). This retracement is of the rise from 101.19 to 125.84 (July 2014 to May 2015 rise).

Continued upside momentum would see an extension towards the top of the range at 114.00. Support lies at 111.00. If the market breaks below this key level, then this would strengthen the underlying bearish market structure that has been in place since the end of 2015.


USDJPY Daily

Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD holds positive ground above 0.6500 on weaker US Dollar

AUD/USD holds positive ground above 0.6500 on weaker US Dollar

The AUD/USD pair extends recovery around 0.6525 during the early Asian session on Thursday. The Federal Reserve held its interest rates steady at 5.25–5.50% at its meeting on Wednesday, citing a “lack of further progress” in getting inflation back down to its 2% target. 

AUD/USD News

EUR/USD jitters post-Fed with NFP Friday over the horizon

EUR/USD jitters post-Fed with NFP Friday over the horizon

EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank.

EUR/USD News

Gold prices skyrocketed as Powell’s words boosted the yellow metal

Gold prices skyrocketed as Powell’s words boosted the yellow metal

Gold prices rallied sharply above the $2,300 milestone on Wednesday after the Federal Reserve kept rates unchanged while announcing that it would diminish the pace of the balance sheet reduction. 

Gold News

Solana price dumps 21% on week as round three of FTX estate sale of SOL commences

Solana price dumps 21% on week as round three of FTX estate sale of SOL commences

Solana price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.

Read more

The FOMC whipsaw and more Yen intervention in focus

The FOMC whipsaw and more Yen intervention in focus

Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.

Read more

Majors

Cryptocurrencies

Signatures