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USDJPY Still Under Pressure

Currencies / US Dollar Jun 16, 2017 - 07:11 AM GMT

By: Franco_Shao

Currencies

USDJPY stays below the bearish trend line from 111.71 to 110.81 with resistance at around 110.20 on its 4-hour chart, suggesting that the pair remains in bearish movement from the May 11 high of 114.36. As long as the pair is below the trend line, the bearish move could be expected to continue, and next target would be at the April 17 low of 108.13. A breakdown below 108.13 support will indicate that the longer term downtrend from the December 2016 high of 118.66 has resumed, then the pair will find next support at the 61.8% Fibonacci retracement taken from the June 2016 low of 98.97 to 118.66 at around 106.50.


USDJPY 4-hour Chart

On the upside

As we mentioned last month, USDJPY broke above the major bearish price channel on its daily chart. The pair would be in uptrend from the April 17 low and the fall from the May 11 high would possibly be correction of the uptrend. A clear break above the descending trend line on the 4-hour chart could bring price to test the 110.81 key resistance, above this level will confirm that the correction pullback had completed at 108.81 already, then the following bullish movement could bring price to retest the resistance at the March 10 high of 115.50.

USDJPY Daily Chart

Technical levels

Support levels: 108.13 (April 17 low), 106.50 (61.8% Fibonacci retracement).

Resistance levels: 110.20 (the trend line on 4-hour chart), 110.81 (key resistance), 112.13 (May 24 high), 114.36 (May 11 high), 115.50 (March 10 high).

This article is written by Franco Shao, a senior analyst at ForexCycle.

© 2017 Copyright Franco Shao - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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