USD/JPY has been mixed amid trade and central bank headlines. The FOMC’s meeting minutes and ongoing trade talks are set to determine the tone in short-term.
Hopes for an accord – especially one that includes rolling back tariffs – will probably be cheered and send USD/JPY higher. Further snags, bumps, and hardship may all send the currency pair lower. Tweets by Trump of course will cause jitters.
On daily chart the price rebound from 38,2% Fibo level (on the fall from 114.55 to 104.45) and testing the trend line of support since August (now as resistance). Next key level for watching is at 108.24, which provided support in October and converges with the 50-day SMA. On the downside, break of 108.24 will revive the case of short-term reversal. Intraday bias will be turned back to downside for testing 107.88 support to confirm.
In order the uptrend to be resumed, the price need to break above the key resistance area 109.00. In that region are located the upper border of H4 Bollinger Bands, the resistance line of the bearish channel on 4-hour chart and 200-day SMA. It is followed by 109.30, a double-top seen in recent months. On the upside, break of 109.48 resistance will resume whole rise from 104.45 and target trend line resistance (now at 111.75 on weekly chart).
Hopes for an accord – especially one that includes rolling back tariffs – will probably be cheered and send USD/JPY higher. Further snags, bumps, and hardship may all send the currency pair lower. Tweets by Trump of course will cause jitters.
On daily chart the price rebound from 38,2% Fibo level (on the fall from 114.55 to 104.45) and testing the trend line of support since August (now as resistance). Next key level for watching is at 108.24, which provided support in October and converges with the 50-day SMA. On the downside, break of 108.24 will revive the case of short-term reversal. Intraday bias will be turned back to downside for testing 107.88 support to confirm.
In order the uptrend to be resumed, the price need to break above the key resistance area 109.00. In that region are located the upper border of H4 Bollinger Bands, the resistance line of the bearish channel on 4-hour chart and 200-day SMA. It is followed by 109.30, a double-top seen in recent months. On the upside, break of 109.48 resistance will resume whole rise from 104.45 and target trend line resistance (now at 111.75 on weekly chart).
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💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade