USD/JPY Price Analysis: No sign of a break out just yet

USD/JPY is trading 0.25% lower in a mixed session for the dollar on Friday.
The pair has been in a 2 big figure range for a month now.

Rajan Dhall, MSTA FX Daily

USD/JPY 4-hour chart

USD/JPY seems stuck in a sideways range. In historical terms, if there was this much uncertainty in the world the yen would be going through the roof. In this new normal FX world, it seems there is lots of support for JPY ahead of 104.60 on the weekly chart. In more recent times 106.00 is a very strong zone and on the chart below any movement toward the area is met with some strong buying.

Looking closer at the chart below, the buyers came in at 106.60 on Friday. If there is a break either side of this range it could give us a good indication of the future path of the pair. The indicators are looking pretty bearish at the moment. The Relative Strength Index has hit the oversold zone and since the indicator has moved back up and is tilting to the downside again. MACD histogram is in the red and the signal lines are under the mid-point, which is again bearish.

Additional levels

USD/JPY

Overview
Today last price	106.93
Today Daily Change	-0.27
Today Daily Change %	-0.25
Today daily open	107.2

Trends
Daily SMA20	107.25
Daily SMA50	107.42
Daily SMA100	107.73
Daily SMA200	108.4

Levels
Previous Daily High	107.4
Previous Daily Low	107.1
Previous Weekly High	108.16
Previous Weekly Low	107.04
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	107.21
Daily Fibonacci 61.8%	107.28
Daily Pivot Point S1	107.07
Daily Pivot Point S2	106.93
Daily Pivot Point S3	106.77
Daily Pivot Point R1	107.37
Daily Pivot Point R2	107.53
Daily Pivot Point R3	107.67

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.