126.56 - Last Thur's low
126.37 - Last Tue's 1-month low
126.01 - Apr 14 high (now sup)

USD/JPY - 127.31.. Despite extending recent erratic fall fm May's 20-year peak of 131.34 to a 1-month bottom of 126.37 last Tue in tandem with U.S. yields , rebound in U.S. stocks boosted risk sentiment n lifted price to 127.58 Thur.

On the bigger picture, DLR's spectacular rally fm 2011 historic low at 75. 32 (Mar) due to co-ordinated ccy intervention by G7 central banks to weaken the yen in the aftermath of Japan's earthquake and tsunami of Mar 2011 to as high as 125.86 (2015) confirms major low has been made. Although teh pair fell back to 99 .00 in mid-2016 n swung broadly sideways until 2021, price rallied in tandem with U.S. yields n U.S. stocks on risk sentiment to a 20-year peak of 131.34 in May 20 22 confirms LT uptrend has resumed. Having said that, strg retreat in tandem with U.S. yields to 126.37 signals temp. top is made, as long as 125.10 holds, upside bias remains, abv 129.77, 131.34. Below 125.10 would risk 124.52, then 122.70.

Today, current price action suggests choppy swings fm Tue's 1-month 126 .37 low may be unfolding into a triangle pattern n as long as 127.58 holds, fall fm May's 131.34 peak may head twd 126.01, 'bullish convergences' on hourly indicators should keep dlr abv 125.53. Abv 127.58 would head back twd 128.08 later.

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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