- USD/JPY fell about 80 pips after US President Trump said that he didn’t like interest rate hikes and a strong USD in a CNBC interview. However, USD/JPY already recovered about 45 pips to the upside.
- USD/JPY took a strong hit and is now trading below the 50, 100 and 200-period simple moving averages.
- As long as USD/JPY stays below 112.64 it could indicate that the bearish correction is not over yet and that the bearish pressure can persist.
USD/JPY 15-minute chart
Spot rate: 112.50
Relative change: 0.32%
High: 113.18
Low: 112.05
Trend: Bullish /Bearish correction
Resistance 1: 112.64 July 12 high
Resistance 2: 113.18, 2018 high
Resistance 3: 113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 4: 114.45 October 27, 2017 high
Support 1: 112.19-112.40 area, July 11 high and intraday swing low
Support 2: 111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 3: 111.39 May 21 swing high
Support 4: 111.02-111.16 previous intraday swing lows
Support 5: 110.90 June 15 swing high
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD weakens further as US Treasury yields boost US Dollar
The Australian Dollar extended its losses against the US Dollar for the second straight day, as higher US Treasury bond yields underpinned the Greenback. On Wednesday, the AUD/USD lost 0.26% as market participants turned risk-averse. As the Asian session begins, the pair trades around 0.6577.
EUR/USD stuck near midrange ahead of thin Thursday session
EUR/USD is reverting to the near-term mean, stuck near 1.0750 and stuck firmly in the week’s opening trading range. Markets will be on the lookout for speeches from ECB policymakers, but officials are broadly expected to avoid rocking the boat amidst holiday-constrained market flows.
Gold price drops amid higher US yields awaiting next week's US inflation
Gold remained at familiar levels on Wednesday, trading near $2,312 amid rising US Treasury yields and a strong US dollar. Traders await unemployment claims on Thursday, followed by Friday's University of Michigan Consumer Sentiment survey.
President Biden threatens crypto with possible veto of Bitcoin custody among trusted custodians
Joe Biden could veto legislation that would allow regulated financial institutions to custody Bitcoin and crypto. Biden administration’s stance would disrupt US SEC’s work to protect crypto market investors and efforts to safeguard broader financial system.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.