arigoldman
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Again its going up.
USD/JPY analysis
- Thread starter inakocibelli
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The US dollar was down against the Japanese Yen on Friday. By the close of US trading USD/JPY was trading at 114.54, shedding 0.14%. I believe that the support is now located at the level of 113.73, the low of Thursday, and resistance is likely at the level of 117.53 - the maximum of Monday.
The dollar lost ground against the yen on Tuesday. The US currency did not respond to positive expectations and continued downward trend since late last week. The pair broke the key level at 113.06 and tested the support at 112.44. The trading started calmly at a price of 114.17, but the early morning bearish sentiment prevailed. The decline of the dollar continued throughout the session, as the bottom was hit at 112.59, and the session was closed 2 pips higher.
Dollar/yen made up rally yesterday after the speech of Janet Yellen, topped at 114.75. As can be seen, the price tested the level 114.60. A clear break above it can cause upward movement testing 115.50 - 116.00. Immediate support is seen near 113.80/50. A clear break below that area could reactivate the downward phase of setting up a double top around 118.60. On the downside, the first target of the bears will be 112.00 - 111.30.
BofA: Trump doesn't want to see strengthening of the dollar. Risk-return on long positions in US dollars will decrease with increasing volatility after the inauguration of Donald Trump on Friday, analysts from BofA say.
They do not doubt that Trump doesen't want to see strengthening of the dollar, thus they do not expect a more hawkish tone in the leadership of the Federal Reserve.
Analysts emphasize again that the two main political pillars of Trump are contravercial - fiscal policy requires a strengthening of the dollar, but trade policy requires a weaker dollar.
They do not doubt that Trump doesen't want to see strengthening of the dollar, thus they do not expect a more hawkish tone in the leadership of the Federal Reserve.
Analysts emphasize again that the two main political pillars of Trump are contravercial - fiscal policy requires a strengthening of the dollar, but trade policy requires a weaker dollar.
arigoldman
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The Yen appears to be weakening.
The US dollar experienced a significant decline against the yen on Monday. After a volatile session, the dollar lost 154 pips at a closing price of 112.69. Price managed to break through the first support at 114.00, while the daily extremes were reached respectively at 114.42 and 112.68. The outlook in the short term remains neutral and levels at 114.00 and 111.00 - key for the subsequent performance.
The dollar was trading close to a 7-week low against a basket of other major currencies amid lingering market concerns about the protectionist policies of Donald Trump. The weakness of the dollar reflects concerns about the uncertain economic Trump policy, as well as fears that his protectionist stance can reduce corporate earnings and become a brake on economic growth.
On Monday, Trump has initiated a formal process of US withdrawal from participation in the Trans-Pacific Partnership (TPP). It separates the United States from its Asian allies.
Trump also announced his intention to renegotiate the North American Free Trade Area (NAFTA) with Canada and Mexico to the conditions more favorable for the United States.
The dollar rose against the yen: USD/JPY pair rose by 0.48% to 113.22 after falling to 112.53 yesterday.
On Monday, Trump has initiated a formal process of US withdrawal from participation in the Trans-Pacific Partnership (TPP). It separates the United States from its Asian allies.
Trump also announced his intention to renegotiate the North American Free Trade Area (NAFTA) with Canada and Mexico to the conditions more favorable for the United States.
The dollar rose against the yen: USD/JPY pair rose by 0.48% to 113.22 after falling to 112.53 yesterday.
arigoldman
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I'm bullish on the pair!
The dollar fell against the yen on Tuesday, as the Japanese currency was in demand due to the status of safe investment, while risk appetite has deteriorated against the backdrop of perseverance US president Donald Trump of his ban on the entry of migrants. By 6.22 GMT the dollar slipped by 0.3 percent to 113.42 yen.
The dollar lost significant ground against the yen on Monday. The US currency broke a two-day winning series and returned to the levels of early last week. Key values were drilled, but short-term expectations remain in favor of the dollar. In this case the support at 112.44 is threatened. The session started at 114.70, and the final was 94 pips higher. The trend has bearish character all the time, bottom of the day was struck at 113.45.
Dollar/yen made downward momentum yesterday, bottomed at 113.23 during the Asian session today. Short-term expectations are neutral, but as long as price remains below 115.60 I still prefer a bearish scenario at this phase with targets near 111.30. Immediate support is 113.50 whose breakthrough could lead to further pressure testing 112.50 or lower. On the upside, first resistance at 114.25 whose breakthrough could lead price to neutral zone testing 115.00/60.
Atilla
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Apparently Japan will be investing in US infrastructure...