After 2 days of indecisive price action, selling was resumed yesterday. The bulk of this decline was posted in Asian overnight action but a European rally proved limited and temporary. So USDJPY posted the most bearish levels for 5 months. But the market was unable to maintain those extremes with the resulting profit taking leaving USDJPY with limited net movement on the day. This keeps immediate studies weak but with Asia extending yesterday's positive bounce our call for this morning is a Buy from 7am  but leaving room to also Buy any Dip to 107.18, Asia’s open. The risk is 106.90 with an immediate target of 107.70, Thursday’s Marabuzo line. A move through that point then exposes sentiment to 107.94, last week's Marabuzo line, and  108.15, Thursday’s peak.

Rally From Lows

Chart

 

 

USDJPY Current Trading Positions

Sell 71%
Buy 29%
100.0%71.0%0707580859095100
Avg Sell Price 108.04
Avg Buy Price 108.21
Liquidity Distribution
104.50108.21114.50SellBuy

 

Any opinions, news, research, analysis, prices, trade recommendations or other information is provided as general market commentary and for educational purposes, and does not constitute investment advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profits or losses, and agree to hold 3CAnalysis.com and any authorized distributors of this information harmless in any and all ways. 3CAnalysis.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Forex, Futures, Stock, and/or Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex, Futures, Stock, and/or Options markets. The information contained in these pages is neither a solicitation nor an offer to Buy/Sell Currencies, Futures, Stock, or Options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed.

Please also note that 3cAnalysis does not perform any regulated activities and does not report to any regulator.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: risk aversion could send it sub-1.1180

EUR/USD capped by a critical Fibonacci resistance for two weeks in-a-row. The American dollar has closed the week on a high note as hopes for significant rate cuts faded.

EUR/USD News

GBP/USD: bears to retake control on a break below 1.2475

Renewed demand for the greenback has resulted in the GBP/USD pair giving back half of its Thursday’s gains at the end of the week, with the pair closing it just above the 1.2500 figure.

GBP/USD News

USD/JPY: bearish case firmer once below 107.20

The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.

USD/JPY News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Majors

Cryptocurrencies

Signatures