The US Dollar continued its fourth day of appreciation against the Yen on Friday. Despite showing high volatility, the pair nevertheless closed the session with a slight 32-pip gain.
The Greenback opened considerably higher—at the 107.85 level today, and remained near this mark during the following hours. Thus, the given currency was located near a trend-line this morning.
Technical indicators still remain bullish; however, a convergence between them and the price movement could point to a soon change in sentiment. Thus, even if an up-move occurs today, gains should be capped near the 38.20% Fibonacci retracement and the weekly R1 near 108.10.
Apart from the 55-hour SMA and a channel line near 107.50, a decline might be stopped solely by the 100– and 200-hour SMAs at 107.30.
The Greenback opened considerably higher—at the 107.85 level today, and remained near this mark during the following hours. Thus, the given currency was located near a trend-line this morning.
Technical indicators still remain bullish; however, a convergence between them and the price movement could point to a soon change in sentiment. Thus, even if an up-move occurs today, gains should be capped near the 38.20% Fibonacci retracement and the weekly R1 near 108.10.
Apart from the 55-hour SMA and a channel line near 107.50, a decline might be stopped solely by the 100– and 200-hour SMAs at 107.30.
Comment:
USD/JPY managed to remain steady during the previous session, thus showing that the strong upside momentum that prevailed earlier this week has allayed.
The US Dollar peaked at the weekly R3 and the 50.0% Fibonacci retracement near 109.00, went for a minor decline but nevertheless returned near this mark on Wednesday morning.
It is expected that this session is dominated by bears that should send the pair closer to the 55-hour SMA and the monthly R2 at 108.70. Despite lack of fundamental releases, this are should surrender, thus paving the way for the Greenback to approach the 38.20% Fibo retracement, the 100-hour SMA and the weekly R1 at 108.10.
In case the 55-hour SMA holds strong, the rate should not surpass the 109.50 mark.
USD/JPY managed to remain steady during the previous session, thus showing that the strong upside momentum that prevailed earlier this week has allayed.
The US Dollar peaked at the weekly R3 and the 50.0% Fibonacci retracement near 109.00, went for a minor decline but nevertheless returned near this mark on Wednesday morning.
It is expected that this session is dominated by bears that should send the pair closer to the 55-hour SMA and the monthly R2 at 108.70. Despite lack of fundamental releases, this are should surrender, thus paving the way for the Greenback to approach the 38.20% Fibo retracement, the 100-hour SMA and the weekly R1 at 108.10.
In case the 55-hour SMA holds strong, the rate should not surpass the 109.50 mark.
Comment:
The US Dollar managed to resume its strong upside momentum on Thursday and shot up 63 pips during the day. The pair surpassed the weekly R3 and the 50.0% Fibonacci retracement and was trading at the 109.30 at the time of this analysis.
Given that the pair breached the short-term ascending channel early in the session, the pair might go for a minor correction south. The nearest support is the 55-hour SMA and the weekly R3 at 109.00.
It is likely that the Greenback edges even lower and tests the upper boundary of the breached five-week ascending wedge and the monthly R2 at 108.80.
In general, the bearish sentiment could prevail in the remaining part of the week, thus giving bulls some time to recuperate and continue its upward momentum.
The US Dollar managed to resume its strong upside momentum on Thursday and shot up 63 pips during the day. The pair surpassed the weekly R3 and the 50.0% Fibonacci retracement and was trading at the 109.30 at the time of this analysis.
Given that the pair breached the short-term ascending channel early in the session, the pair might go for a minor correction south. The nearest support is the 55-hour SMA and the weekly R3 at 109.00.
It is likely that the Greenback edges even lower and tests the upper boundary of the breached five-week ascending wedge and the monthly R2 at 108.80.
In general, the bearish sentiment could prevail in the remaining part of the week, thus giving bulls some time to recuperate and continue its upward momentum.
Comment:
Following a breakout from the steep ascending channel, the bearish sentiment failed to take the upper hand and push USD/JPY down to the 100-hour SMA and the breached wedge line near 108.75.
Instead, the pair kept its position slightly above the 50.0% Fibo retracement at 109.20 on Thursday and early on Friday. The slight tendency southwards should be maintained during the first part of the session, are bulls are gradually giving up their strong positions. Thus, the rate is likely to reach the aforementioned 109.00 area or fall even lower down to the monthly R2 at 108.75.
The remaining part of this trading day and week should be guided by the US GDP release at 1230GMT. In terms of upside potential, the Greenback could be limited by the 110.00 level.
Following a breakout from the steep ascending channel, the bearish sentiment failed to take the upper hand and push USD/JPY down to the 100-hour SMA and the breached wedge line near 108.75.
Instead, the pair kept its position slightly above the 50.0% Fibo retracement at 109.20 on Thursday and early on Friday. The slight tendency southwards should be maintained during the first part of the session, are bulls are gradually giving up their strong positions. Thus, the rate is likely to reach the aforementioned 109.00 area or fall even lower down to the monthly R2 at 108.75.
The remaining part of this trading day and week should be guided by the US GDP release at 1230GMT. In terms of upside potential, the Greenback could be limited by the 110.00 level.
The US Dollar accelerated significantly against the Japanese Yen on Monday, thus closing the session with a 93-pip gain. This strong upside momentum prevailed mid-day as a result of which several significant resistance areas were breached, including the monthly R2 and a trend-line at 108.45.
The pair might still edge higher during the early hours of the European session towards the weekly R3 and the 50.0% Fibonacci retracement near 109.10. However, this strong up-move should not be sustainable for long, thus allowing bears to lead the second part of the session.
A significant support cluster is formed by the 55-hour SMA, the weekly R1 and the 38.20% Fibonacci retracement at 108.10. The 100– and 200-hour SMAs are likewise located nearby.