All Articles Tagged - USDJPY

Technical Analysis – USDJPY eases after hitting upper limit of ascending channel

Posted on June 7, 2023 at 7:51 am GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels and posting consecutive higher highs. However, the pair has been trading sideways in the past few sessions after its advance got rejected in the upper end of the bullish pattern. The momentum indicators currently suggest that buying forces are subsiding. Specifically, the RSI is ticking downwards but remains above its 50-neutral mark, while the MACD dropped beneath its red signal line in the positive territory. [..]

Daily Market Comment – Surprise RBA hike lifts aussie but Fed pause bets weigh on dollar

Posted on June 6, 2023 at 9:10 am GMT

Aussie jumps after RBA’s shock hike, loonie buoyed ahead of BoC decision US dollar on the backfoot after disappointing ISM services PMI Oil and stocks struggle amid economic and rate path uncertainty RBA shocks again, puts spotlight on BoC The Reserve Bank of Australia caught markets off guard for a second straight meeting on Tuesday, hiking the cash rate to a new decade high of 4.10%. The decision comes after inflation in Australia began to creep up again in April, [..]

Technical Analysis – USDJPY restores bullish bias, keeps one eye on 141.00

Posted on June 5, 2023 at 10:21 am GMT

USDJPY is climbing for a second day, having bounced back quickly from last week’s tumble. The bulls seem determined to have another go at reclaiming the 141.00 handle after the previous rally ran out of steam just shy of the level. The RSI is inching higher and has yet to reach overbought levels so there is some scope for additional gains in the short term. But the MACD has yet to cross above its signal line and some buyers might [..]

Week Ahead – RBA and BoC to hold rates but might be tempted to hike, OPEC+ meets

Posted on June 2, 2023 at 9:42 am GMT

Policy decisions from the RBA and the Bank of Canada will be taking centre stage next week amid an otherwise light agenda. In the United States, the ISM services PMI will be the only top-tier release and now that Congress has averted a default by suspending the debt ceiling, the dollar might spend the week drifting lower. Before all that however, OPEC and non-OPEC countries will meet on Sunday to discuss whether to make further cuts to oil output. Will [..]

Daily Market Comment – Weak Chinese data pushes risk assets lower

Posted on May 31, 2023 at 8:31 am GMT

China PMIs disappoint, dragging down risk-sensitive currencies Yen recovers, helped by safe-haven flows and Tokyo FX warning Euro turns to German inflation data, tech stocks close stellar month Chinese business surveys miss estimates Global markets woke up in a foul mood on Wednesday, following some disappointing data from the world’s second-largest economy. China’s manufacturing sector fell deeper into contraction in May, while services growth also lost steam according to the latest batch of business surveys. It’s clear that the reopening [..]

Technical Analysis – USDJPY looks overbought but still supported

Posted on May 31, 2023 at 8:16 am GMT

USDJPY came under weak selling pressure after peaking at a six-month high of 140.91 on Monday, with the pair set to close in negative territory for the first time in three weeks. The RSI and the stochastic oscillator are warning that the bulls are running out of fuel as the indicators are changing direction below their overbought levels. That said, traders may not engage in additional selling activities, unless the current support area around the 50% Fibonacci retracement level of the 151.93-127.21 [..]

Weekly Technical Analysis – USDJPY, EURJPY, AUDUSD

Posted on May 30, 2023 at 1:46 pm GMT

The ongoing US debt ceiling talks will keep everyone on their toes until the deal is passed, but USDJPY may get extra volatility on Friday if nonfarm payrolls shed more light on what the Fed’s June policy decision will be. Eurozone’s CPI inflation figures might challenge the exciting bull run in EURJPY, while Australia’s monthly inflation report and China’s business PMI surveys could make AUDUSD important to watch as well. US Nonfarm payrolls –> USDJPY The US labor market [..]

Daily Market Comment – Dollar pauses for breath ahead of inflation data, tech rally eases

Posted on May 26, 2023 at 9:20 am GMT

Fed rate cut bets continue to be priced out, all eyes on core PCE inflation US dollar softer today but still headed for third weekly gain Debt deal progress and AI buzz lift Wall Street, global equities Fed rate cut bets pushed back as summer hike seen certain The US dollar eased off two-month highs on Friday as the three-week rally paused for breath amid the sharp repricing of the Fed’s rate path. Treasury yields also cooled off as investors [..]

Technical Analysis – USDJPY storms to a fresh 6-month peak

Posted on May 25, 2023 at 3:05 pm GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above crucial technical levels such as both its 50- and 200-day simple moving averages (SMAs). In today’s session, the pair recorded a fresh six-month high as the bulls seem to have gained total control. The momentum indicators currently suggest that buying forces are strengthening near their overbought territories. Specifically, the MACD histogram is gaining ground above both zero and its red signal line, while the RSI has flatlined slightly below the 70-overbought mark. [..]

Technical Analysis – USDJPY remains above 200-SMA and within upward channel

Posted on May 24, 2023 at 6:56 am GMT

USDJPY is holding above the key 137.90 level and the 200-day simple moving average (SMA), suggesting that more bullish actions could come within the short-term upward sloping channel. However, the technical oscillators are showing some weakness as the RSI is pointing down, failing to jump above the 70 level and the stochastic oscillator is flattening in the overbought region, indicating an overstretched market. In trend indicators, the bullish crossover within the 20- and the 50-day SMAs remains in place. Should [..]

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