USDJPY Technical Levels
- Thread starter RamPurushothaman
- Start date
At the beginning of the week teh USD/JPY pair is ranging around 111.00 figure, as the demand for safe-haven assets moderated. Technically the pair is showing neutral stance on the four hour time frame. The price is developing back and forth around horizontal and parallel 100-day and 200-day SMAs. RSI and stochastic started to recover but still are nortnot showing goodupward strength. Strong resistance area is located around 111.40 - 111.50 and in case bulls fight it, the pair might gain some upward traction. The downside is supported by the 110.85 level which if broken to below, would open doors for testing 110.40.
fxstrategist
Corporal
- Messages
- 742
The USDJPY tries to rally, but it is still stuck around the 111.00 level where we can find the 55 day EMA. The 112.14 level is still a resistance and the 200 day EMA with the 110.00 level could act as support.
The USD/JPY pair is moving back and forth alongside with equities but is going to close the day around the 111.60 region. The current advance might continue as the bulls keep pressuring the highs and advanced above the 100-day and 200-day SMAs, both staying flat around 111.05 ont he four hour time frame. Ont he same chart stochastic reached overbought area, but the RSI is extending its advance slowly and currently is located at 65, which support additional gains. The pair now is facing immediate resistance around 111.80 price area, ahead of 112.14 (the August high).
fxstrategist
Corporal
- Messages
- 742
The USDJPY rallies again to the 111.60 level, but the pair is really consolidated or in a congestion area between the 111.00 level as support and the 112.14 level as resistance.
The USD/JPY pair slumped today to 111.12 before retracing part of its losses and at the moment is trading around 111.25. Technically speaking the short term outlook remains bearish. On the four hour time frame the price is developing above its 100-day and 200-day SMAs, both converging within a tight 10 pips range. RSI and stochastic turned sharply lower and are supporting additional declines ahead. Immediate support is offered by the 110.90 level, which if broken will open doors for a steeper decline toward the 110.20 – 110.30 area.
After marking its highest level in more than a month at 112.16, the USD/JPYpair eased down as the latest trade headlines weighed on the market sentiment and supported the Japanese Yen. On the four hour time frame the price is developing well above its 100-day and 200-day SMAs both showing good upward traction. RSI and stochastic keep retreating from their overbought readings, but still remain situated into the positive territory. This situation is showing the limits of the downside potential, at least as it holds above the 111.40 – 111.50 area, the former resistance. A break through 112.15 should lead to a steeper advance which can extend up to 113.17, the July's high.
Similar threads
