- 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|
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