All Articles Tagged - USDJPY

Will gold continue conquering uncharted territories? – Special Report

Posted on May 10, 2023 at 9:28 am GMT

With investors remaining convinced that the Fed will start cutting interest rates at some point later this year, US Treasury yields and the dollar have stayed subdued, which combined with concerns surrounding the banking sector and the US debt ceiling, allowed gold to hit a new record high on Thursday, before strongly pulling back on Friday. Will the precious metal rebound and extend its uptrend into new uncharted territories or is Friday’s retreat a sign that the uptrend is running [..]

Technical Analysis – USDJPY shows recovery signs after sharp pullback

Posted on May 10, 2023 at 7:51 am GMT

USDJPY has been trading within an upward sloping channel since mid-March, crossing above both its 50-day simple moving average (SMA) and the Ichimoku cloud. Even though the pair experienced a pullback after failing to extend its rally above the 200-day SMA, it has been steadily re-gaining ground in the last few daily sessions. The momentum indicators currently suggest that bullish forces are in control. Specifically, the stochastic oscillator is ascending after posting a bullish cross, while the RSI is flatlining [..]

Technical Analysis – USDJPY pauses rebound at 50-SMA

Posted on May 8, 2023 at 1:19 pm GMT

USDJPY had been rebounding strongly from its March bottom, generating a clear structure of higher highs and higher lows. Although the pair experienced a moderate pullback after its advance came to a halt, it slowly regained ground in the last few four-hour sessions to meet resistance at the 50-period simple moving average (SMA). The short-term oscillators currently suggest that bullish forces are intensifying. Specifically, the MACD jumped above its red signal line but it is remaining in the negative territory, [..]

Week Ahead – BoE takes the central bank torch, US CPI data also in focus

Posted on May 5, 2023 at 11:05 am GMT

Following the FOMC and ECB decisions last week, the central bank torch will now be passed to the BoE, which will deliver its decision on Thursday. A 25bps hike is mostly priced in, so the spotlight will fall on clues and hints on how officials are planning to move forward. The US CPIs will also attract special attention as investors are trying to figure out whether the Fed will pause or hike once more in June. Will the BoE hint [..]

Technical Analysis – USDJPY dives after hitting 137.90

Posted on May 4, 2023 at 12:36 pm GMT

USDJPY lost more than 2% of its ground after the pullback from the 137.90 resistance level, which is a significant level for traders. The pair posted a double top and is falling back near the short-term simple moving averages (SMAs). The RSI is pointing down near the 50 level, while the stochastic turned lower from the overbought region, indicating more losses. The 50-day SMA and the 23.6% Fibonacci retracement level of the downward move from 151.90 to 127.25 at 132.95 is the next support [..]

Technical Analysis – Is USDJPY creating a double top formation?

Posted on May 3, 2023 at 6:33 am GMT

USDJPY plunged below the 200-day simple moving average (SMA) once again after the climb towards the 137.90 resistance level, which is acting both as a significant resistance level and a possible double top pattern is in progress. The pullback below the 38.2% Fibonacci retracement level of the down leg from 151.90 to 127.25 at 136.66 is indicating the start of a consolidation area in the medium-term timeframe. Technically, the RSI has found strong resistance near the 70 level and dropped lower again, while the stochastic [..]

Daily Market Comment – Surprise rate hike boosts Australian dollar, yen hits 15-year lows

Posted on May 2, 2023 at 8:59 am GMT

Yen sinks to 15-year low against euro, decimated by central bank divergence Reserve Bank of Australia surprises with rate increase, lifting local dollar All eyes on Eurozone inflation today, size of ECB rate hike hangs in balance Yen gets scorched The Japanese yen has taken heavy damage lately, hitting a fresh 15-year low against the euro this week. Momentum in euro/yen has been quite impressive, with the pair breaching the 150 psychological region with some force to extend the incredible [..]

Technical Analysis – USDJPY looks overbought near March’s peak

Posted on May 2, 2023 at 8:11 am GMT

USDJPY staged an impressive two-day rally of 2.5% after refusing to cross below its exponential moving averages (EMAs) and the support trendline from April’s low. Tuesday’s session has been relatively calmer so far as the March peak of 137.90 came into sight. Technically, some profit taking may occur as the RSI and the stochastic oscillator flatline in overbought territory. The weakening momentum in the MACD is backing this narrative too. Nevertheless, if the pair finds enough buyers to pierce through [..]

Technical Analysis – Will USDJPY successfully surpass the 200-day SMA soon?

Posted on April 28, 2023 at 10:04 am GMT

USDJPY is boosting its advance to a fresh seven-week high of 136.00, jumping above the 135.15 key level. The RSI indicator is rising towards the 70 level with strong momentum, while the MACD is trying to surpass its trigger line in the positive region. In trend indicators, the 20- and the 50-day simple moving averages (SMAs) posted a bullish crossover, confirming the recent positive picture. A decisive close above the 38.2% Fibonacci retracement level of the down leg from 151.90 [..]

Daily Market Comment – Yen sinks after BoJ leaves policy unchanged, dollar shrugs off GDP miss

Posted on April 28, 2023 at 9:24 am GMT

BoJ tweaks guidance but long review dampens bets of near-term policy overhaul Yen tumbles, adding to dollar’s upside after core PCE deflator accelerates in Q1 Strong earnings lift Wall Street despite ongoing recession risks Ueda saves the big guns for another day The Bank of Japan kept its monetary policy settings mostly unchanged on Friday, deciding not to rattle the markets on Governor Kazuo Ueda’s first chairing of the meeting. The decision was widely expected as it was well telegraphed [..]

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