USD/JPY Technical Overview & Daily Chart

We expect the pair would be bearish today.

Technical Analysis
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USD/JPY Technical Overview & Daily Chart

Today we would focus on the USD/JPY currency pair. The pair has generally been moving up in the past two months, due to the diverging policies of the United States and Japan. While in the US the Federal Reserve is seeking an opportunity to increase interest rates in December and move toward a further tightening of monetary policy, the Bank of Japan is doing the opposite via stimulus packages in an attempt to promote inflation, which is at unhealthy lows.

Nevertheless, this week we’ve seen the dollar ease off the yen a little bit. This could be explained with the political uncertainty in the United States, where President Trump’s proposed tax reform is under fire. Right now that is the deciding factor for the USD/JPY rates, as there is nothing new happening in Japan. We expect the pair to continue to move in a downward direction today.

On the daily chart we have our key pivot point at 113.76. We expect the pair will be moving below it, so look for the price drops to the daily support levels at 113.55, 113.19, and 112.98. Conversely, if somehow the dollar manages to rally against the yen, we should be mindful of the nearby resistances at 114.12, 114.33, and 114.69.

As of the moment of this article’s publication, the USD/JPY is trading at around 113.45, which is both below the pivot and below the first support level. The indicators of technical analysis show a somewhat mixed set of signals, but most seem to favor sell positions.

SuperForex
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Technical Analysis

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SuperForex
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Technical Analysis

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Technical Analysis

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SuperForex
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