- The USD/JPY is set to finish the week with losses, so far down 0.59%.
- A dismal market mood weighed on US Treasury yields and the USD/JPY.
- USD/JPY Technical Outlook: A triple-bottom formation targets 117.48.
On Friday, the USD/JPY retreats from the double-bottom “neckline” at around 115.80 to weekly lows, negating the chart pattern late in the New York session. At 114.85, the USD/JPY reflects the risk-off market mood due to increasing tensions on the Russia-Ukraine conflict.
Global equity indexes recorded losses on a busy day on Friday. The greenback would finish the week with gains, up 0.88%, sitting at 98.583. Meanwhile, US Treasury yields drop to 1.726%, a loss of eleven basis points, a headwind for the USD/JPY pair.
During the overnight session, for North American traders, the USD/JPY was seesawing around the 115.25-115-55 range, but as American traders got to their desks, it plummeted towards high 114.60s.
USD/JPY Price Forecast: Technical outlook
The USD/JPY is upward biased, as depicted by the daily moving averages (DMAs) residing below the spot price, except for the 50-DMA. USD/JPY failure to clear the neckline exerted downward pressure on the pair, but the trend stalled around previous lows that formed the double-bottom. That said, a triple-bottom chart pattern looms
The USD/JPY first resistance level would be the neckline around 115.78. Breach of the latter would expose 116.00, followed by the YTD high at 116.35, and the triple-bottoms target at 117.48.
|Today last price||114.81|
|Today Daily Change||-0.63|
|Today Daily Change %||-0.55|
|Today daily open||115.44|
|Previous Daily High||115.81|
|Previous Daily Low||115.38|
|Previous Weekly High||115.76|
|Previous Weekly Low||114.41|
|Previous Monthly High||116.34|
|Previous Monthly Low||114.16|
|Daily Fibonacci 38.2%||115.55|
|Daily Fibonacci 61.8%||115.65|
|Daily Pivot Point S1||115.28|
|Daily Pivot Point S2||115.12|
|Daily Pivot Point S3||114.86|
|Daily Pivot Point R1||115.7|
|Daily Pivot Point R2||115.97|
|Daily Pivot Point R3||116.13|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD retreats to 1.0750, looks to post small weekly gains
EUR/USD lost its traction and declined to the 1.0750 area in the American session on Friday. In the absence of high-tier data releases, week-end flows seem to be impacting the pair's action heading into the weekend.
GBP/USD holds above 1.2550 ahead of the weekend
GBP/USD keeps its footing on Friday and trades modestly higher on the day above 1.2550 following Thursday's rally. Ahead of next week's all-important US inflation data and Fed policy announcements, modest US Dollar weakness allows the pair to stay in positive territory.
Gold struggles to find direction, holds steady near $1,960
Gold price struggles to make a decisive move in either direction on Friday in the absence of high-impact data releases. The benchmark 10-year US Treasury bond yield stays relatively calm above 3.7% following Thursday's slide, limiting XAU/USD's action.
Weekly Roundup: Binance US halts fiat services, Coinbase does business as usual, XRP hits key milestone
The US financial regulator, the Securities and Exchange Commission’s (SEC) clampdown on exchange negatively influenced the crypto market and assets throughout the week. The lawsuits against Binance and Coinbase resulted in several challenges for the platforms’ users.
The Week Ahead - FOMC, ECB and Bank of Japan, US CPI, China retail sales and Tesco results
A busy week is ahead, including meetings from the Federal Reserve, the European Central Bank, and the Bank of Japan. Data to be released includes US CPI and China retail sales. Tesco will also release results.