The USD/JPY fell to 113.29 and reached a new weekly low. Currently is trading few pips above the level by the end of the US session. On the four hour time frame the pair is developing well above its 100 and 200 SMA, both around the 113.00 level and with the shortest advancing below the larger one as technical indicatorsresume their declines within negative levels, skewing the risk to the downside. Renewed selling interest below 113.20, now the immediate support should lead to a steeper decline, particularly if Asian shares follow the lead of their overseas counterparts.
USD/JPY analysis
- Thread starter inakocibelli
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USD/JPY is extending its slide toward 113.00 handle today despite the upbeat US retail sales data.
On the four hour time frame the price is developing around the mild bullish 100-day SMA before bouncing and currently is trading around the daily highs. Technical indicators also recovered after nearing oversold readings, holding below their midlines but with an increased upward strength, indicating that the pair could continue recovering ground. The key will be stocks´ behavior as a mirror of the market's sentiment. Should equities continue recovering, the pair could regain the 114.00 level, although a turn to the worst in sentiment will likely see it back challenging the 113.00/10 support zone.
On the four hour time frame the price is developing around the mild bullish 100-day SMA before bouncing and currently is trading around the daily highs. Technical indicators also recovered after nearing oversold readings, holding below their midlines but with an increased upward strength, indicating that the pair could continue recovering ground. The key will be stocks´ behavior as a mirror of the market's sentiment. Should equities continue recovering, the pair could regain the 114.00 level, although a turn to the worst in sentiment will likely see it back challenging the 113.00/10 support zone.
USD/JPY is holding above the mild bullish 100-day SMA, currently at 112.95, which gains upward traction above the directionless 200-day SMA. Technical indicator on the four hour time frame resumed their declines after a failed attempt to regain the upside, now nearing weekly lows and skewing the risk to the downside.
hatemypips
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It's good to see nice insight about this safe heaven, good overview of it's price action? Do you have any plans for the coming week, selling or buying this pair?
USD/JPY is technically bearish as seen on the four hour time frame. The pair spent the day hovering around the Friday's close and below the 100-day and 200-day SMAs. Technicalindicators have stabilized with the stochastic holding near oversold readings and the RSI up from its lows but far into negative ground, indicating the absence of buying interest. The monthly low at 112.55 is the immediate support, with a break below the level opening doors for a steeper decline toward 111.80.
:clap:USD/JPY bulls have taken back control and the price is now much higher according to the daily lows. Technically, on the four hour time frame the price is below all of its moving averages. Technical indicators remains around oversold area, but lacking directional strength and leaning the risk to the downside. Currently the price is standing at around 112.80, the 20-day SMA and next bullish targets is seen at 112.95, which if broken will open doors for testing the psychological 113.00 level.
The short-term outlook for USD/JPY remains bullish, as the price has recovered above the directionless 200-day SMA and is developing below the 100-day SMA , which is heading north at around 113.35. Technical indicators on the four hour time frame have entered into positive area with the RSI advancing at 52 but the Momentum lacking directional strength. A firmer brake above the above mentioned 100-day SMA might bring additional gains, as long as the positive mood persists.
USD/JPY is trading between its 100-day and 200-day SMAs, with the shortest above the current level. Technical indicators on the four hour time frame turned to south within positive levels, but rather indicating the absence of buying interest than suggesting an upcoming decline. Little should be expected for today, although some risk headline could send it down to the 112.60 price zone, while to the upside, the main resistance is 113.35, with a bullish breakout of this last unlikely today.
USD/JPY came under a modest selling pressure today and slumped to its lowest level of the day at 112.71 and currently is trading at 112.74. First support is seen at 112.60, ahead of 112.15 and 111.60. The upside offers resistances at 113.00 ,113.40 and 113.70.
During the the majority of the day USD/JPY was trading within a relatively tight range around 113.20,but in the last hour the pair rose to its highest level in 10 days at 113.43., breaking above both the 50-day and 200-day SMAs. In addition Momentum is positive and the pair is trading alongside an uptrend channel. The 113.75 level holds USD/JPY down since mid-November and is a substantial resistance. The downside offers 113.00 level as support line and also holds the pair down since earlier November.
USD/JOY is technically neutral in the four hours chart with technical indicators having retreated from oversold readings but holding nearby, and the price developing above all of its moving averages. Beyond 114.05, the pair has room to extend its advance up to 114.54, October high, while bulls could give up only on a break below 113.20.
USD/JPY lost a handful of pips following the release of the FOMC minutes although lack of follow through and price clings at 113.45. The pair is currently trading in the 113.30 area and at risk of extending the slump, particularly on a break below the mentioned daily low of 113.20 that will dent bulls' determination.
fxstrategist
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The USDJPY drops rapidly below the 55 day EMA at the 112.96 level and registers a low at the 112.57 level. However, the pair is currently trying to stall its drop but to the upside, the same 55 day EMA may become a resistance. To the downside, the 112.00 level may act as support.