USD/JPY Current price: 104.62

  • US Durable Goods Orders expected to have posted a modest advance in September.
  • The market mood is still down amid the usual concerns related to the ongoing pandemic.
  • USD/JPY is technically bearish in the near-term, could reach fresh monthly lows sub-104.00.

The USD/JPY pair remains under mild-pressure this Tuesday, as the market’s mood is sour. The looming US election, resurgent cases of coronavirus in Europe and the US and no progress in a US stimulus package are behind the investors’ apathy.  The next week will be critical in terms of events and data.  Meanwhile, equities trade in the red, extending their latest declines. US Treasury yields are also lower, in line with USD/JPY slide, now trading in the 104.60 price zone.

In the data front, the Japanese macroeconomic calendar had nothing to offer this Tuesday, but the US session will bring the country’s Durable Goods Orders for September, expected to have increased by 0.5% in the month, matching the previous reading. The core reading, Nondefense Capital Orders ex Aircraft, are foreseen at 0.5% from 1.9%.  Later into the session, the focus will be on the CB Consumer Confidence, foreseen at 102.1 from 101.8 in September.

USD/JPY short-term technical outlook

The USD/JPY pair seems poised to extend its decline, as it is trading near its monthly low at 104.33. The pair has slid below its 20 SMA, which is currently directionless around 104.75, while the larger moving averages maintain their bearish slopes far above the shorter one. Technical indicators, in the meantime, head lower, the Momentum within neutral levels but the RSI accelerating lower at around 38, favoring a downward extension for the upcoming hours.

Support levels: 104.30 103.95  103.50

Resistance levels: 105.00 105.40 105.80

View Live Chart for the USD/JPY

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD retains gains and trades around 1.1350

EUR/USD stays afloat in the positive territory near 1.1350 as the greenback struggles to gather strength on retreating US T-bond yields. Focus remains on mounting inflationary pressures and upcoming central banks’ announcements.

EUR/USD News

GBP/USD holds its ground in the positive territory above 1.3600

GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.

GBP/USD News

Gold: Bullish breakout exposes November monthly high at 1,877.15

Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields. 

Gold News

Shiba Inu price has a good chance to surge to $0.000040

A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further. 

Read more

Yields everywhere are rising too far, too fast: Could we expect them to settle down?

Today we get housing starts and permits, but expectations are running low because of Omicron and bad weather. It’s not exactly an inspiring bit of data, anyway. In fact, the juicy data is from Canada, CPI today and retail sales on Friday. There is still chatter about a BoC hike next week. 

Read more

Majors

Cryptocurrencies

Signatures