USDJPY

The pair fell back to 109.50 zone (approx. the mid-point of this week's range) on fresh safe-haven buying as markets fear an escalation of US/China trade tensions after China signaled a lack of interest in resuming trade talks with the US under current circumstances.
Recovery attempts from week's low at 109.02 (supported by formation of bear-trap pattern on daily chart) ran out of steam at 110.00 zone, where repeated upside rejections occurred.
The barrier is reinforced by falling daily Tenkan-sen and guards more significant 110.31 resistance (daily cloud base/Fibo 38.2% of 112.40/109.02).
Near-term risk is expected to shift lower while the price remains below 110, with fresh weakness threatening of renewed attempt below cracked 109.41 pivot (Fibo 38.2% of 104.57/112.40).
Weekly close below here is needed to generate bearish signal for extension of bear-leg from 112.40 (2019 high, posted on 24 Apr).
Bearish momentum is gaining pace, with bearish setup of daily Tenkan-sen/Kijun-sen, supporting scenario.
Only sustained break above 110.31 would neutralize downside risk and shift near-term focus higher.

Res: 109.87; 110.00; 110.31; 110.48
Sup: 109.55; 109.33; 109.02; 108.49

USDJPY

 

Interested in USDJPY technicals? Check out the key levels

    1. R3 110.74
    2. R2 110.35
    3. R1 110.1
  1. PP 109.72
    1. S1 109.46
    2. S2 109.08
    3. S3 108.83

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: Under pressure below 1.1245 while consolidating Dollar's resurgence

EUR/USD dropped from 1.1260 to just above 1.1200 overnight. The markets continued to price 31bp of easing at the 31st July meeting though Fed funds futures for 2020 rose about 3bp in implied yield.

EUR/USD News

GBP/USD: Recovery underway as traders await UK CPI for fresh direction

A minor correction in the US dollar across its main competitors appear to prompt a recovery in GBP/USD from 27-month lows, as the rates hold above the 1.24 handle ahead of the UK CPI data. 

GBP/USD News

USD/JPY rejected at 200-hour MA amid losses in Asian equities

USD/JPY is currently trading near 108.15, having faced rejection at the 200-hour moving average of 108.33 earlier today. The JPY is bid, possibly due to losses in equities. Also, Fitch Ratings' affirmation of Japan's rating at 'A' buoys the Yen.

USD/JPY News

UK CPI Preview: Brexit above all else

The monthly change in the consumer price index is expected to be flat in June down from 0.3% in May. The annual rate is predicted to be unchanged at 2 %. The core CPI rate is forecast to be flat in June, after gaining 0.2% in April.

Read more

Gold: Bulls are in the safe-zone, but are barely holding on

The 1400 psychological level is holding up which is just as well for the bulls, as a couple of dollars, a break of the 23.6% Fibo of the latest swing lows and highs could open up an onslaught to the downside.

Gold News

Majors

Cryptocurrencies

Signatures