USD/JPY Forecast: Save haven yen keeps advancing

Valeria Bednarik FXStreet

USD/JPY Current price: 112.14

View Live Chart for the USD/JPY

Save haven yen keeps advancing. The USD/JPY pair is back challenging the 112.00 region, after the US GDP revision came worse-than-expected, unchanged from the first estimate of 1.9%, while personal consumption indicators also missed expectations for the same period. The yen founds demand on its safe-haven condition, amid the ongoing uncertainty in Europe and the US. The short term picture maintains the risk towards the downside, as in the 1 hour chart, the price keeps retreating from a bearish 100 SMA, whilst the RSI indicator heads south around 36, and the Momentum indicator also stands near oversold readings, but with limited downward strength. In the 4 hours chart, the price is also far below its moving averages, whilst technical indicators hold within negative territory, with the Momentum indicator aiming higher, but the RSI indicator anticipating further slides, particularly on a downward acceleration below 111.95, a strong Fibonacci support.

Support levels: 111.95 111.60 111.20

Resistance levels: 112.50 112.90 113.30

Interested in USD/JPY technicals? Check out the key levels

1. R3 112.60
2. R2 112.48
3. R1 112.35
PP 112.23
1. S1 112.09
2. S2 111.97
3. S3 111.84

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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